new delhi citibank has settled a case with markets regulator sebi regarding the banks alleged failure to adequately supervise an employee who carried out an unregistered portfolio investment scheme the case has been settled after payment of rs 45 crore towards settlement charges according to a sebi order in april 2015 the regulator issued a show cause notice to the bank for alleged violation of portfolio managers norms with respect to one relationship manageraccording to the notice he had received signatures on blank fund transfer forms which were used for transferring funds from the accounts of such customers to the linked accounts of shivraj familycitibank said it has reached a settlement with sebi in connection with alleged operation of a portfolio management business without appropriate licenses this settlement is made without admission of any wrongdoing by citibank india the bank said settling the case sebi has decided not to initiate any enforcement action against the bank