SEBI Closes Probe into Stock Trading Misconduct: Avance Technologies Pays ₹9,75,000 Settlement
The Securities and Exchange Board of India (SEBI) has issued a formal Settlement Order regarding Avance Technologies Ltd., closing an adjudication proceeding that involved alleged irregularities in the trading of Cressanda Solutions Limited stock. The resolution marks the culmination of several months of investigation and negotiation into market conduct violations.Charges Alleged Against Avance Technologies Ltd.
The adjudication proceeding against Avance Technologies Ltd. was initiated by SEBI concerning alleged violations of provisions under the Securities Contracts (Regulation) Act, 1956 (SCRA). The allegations focused on off-market transactions involving Cressanda Solutions Limited shares.Specifically, the investigation centered on the allegation that Avance Technologies Ltd. had entered into such transactions without adhering to the mandatory provisions of Spot Delivery Contract as defined under Section 2(i) of SCRA, 1956. SEBI initiated the action under Section 15-I of the SEBI Act, 1992.
The Journey to Settlement Resolution
Following the issuance of a Show Cause Notice (SCN) dated July 09, 2025, Avance Technologies Ltd. filed a settlement application with SEBI. This application sought to resolve the ongoing proceedings without an admission of liability or guilt, in line with the SEBI (Settlement Proceedings) Regulations, 2018.The matter was reviewed by various internal bodies at SEBI. The Internal Committee (IC), having deliberations on March 05, 2026, recommended an Indicative Settlement Amount amounting to ₹9,75,000/-. Avance submitted Revised Settlement Terms (RST) in line with this amount, leading the matter to the High Powered Advisory Committee (HPAC).
Finalizing and Accepting Settlement Terms
The HPAC reviewed the case on March 25, 2026, recommending that the settlement be accepted upon payment of ₹9,75,000/-. This recommendation was subsequently approved by the Panel of Whole Time Members, SEBI, on May 13, 2026.A notice of demand was issued to the applicant on May 18, 2026. Avance Technologies Ltd. confirmed remittance of the full settlement amount via email dated June 09, 2026, which has been officially confirmed by SEBI’s relevant department.
Formal Closure and Future Considerations
In view of the receipt and confirmation of the full settlement amount by SEBI, the Adjudication Proceeding initiated against Avance Technologies Ltd. is now formally disposed of. This conclusion was reached in terms of Section 15JB of the SEBI Act, 1992.The Settlement Order comes into immediate effect. However, the order explicitly reserves all rights for SEBI under Regulation 31 of the Settlement Proceedings Regulations, 2018. These reserved rights include initiating further appropriate actions if it is revealed that Avance failed to make full disclosure or violated any undertaking given during the settlement process.
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