The Securities and Exchange Board of India, SEBI, has agreed to dispose off pending adjudication proceedings against Indiabulls Securities after a consent settlement. Indiabulls Securities has settled a case related to alleged non-compliance of stockbroker norms after payment of one crore rupees as consent settlement charges. The SEBI had begun adjudications proceedings against Indiabulls Securities in November 2006 and had found certain irregularities such as failure to maintain proper records pertaining to investor complaints and appointment of unregistered sub brokers in the guise of "marketing associates".The company, however during the course of adjudication proceedings proposed to settle the matter under SEBI's consent order mechanism. Subsequently, the proposed consent terms and settlement amount were approved by SEBI's High Powered Advisory Committee as well as by a panel of the regulator's whole time members, following which Indiabulls remitted the amount. SEBI has however said that further enforcement actions, including commencing or reopening of these proceedings, could be initiated if any representation made by the broker is found to be untrue.