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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
SECURITIES UNITED STATES INDIA CITIBANK BANK SECURITIES ACT RIBS COMMISSION PUBLIC CEASE-AND-DESIST PROCEEDINGS NRIS BONDS EXCHANGE COMMISSION MAKING FINDINGS PURSUANT SUBSIDIARIES INSTRUMENTS ORDER INSTITUTING PROCEEDINGS SETTLEMENT INVESTMENT OCBS SUBSCRIPTION AGREEMENTS SUPREME COURT SUBSCRIBERS MARKETING MATERIALS REGISTRATION STATEMENT BOND CERTIFICATES INSTITUTED PURSUANT FOREIGN CURRENCY TRANSFERABILITY |
UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933
Release No. 8036/ November 19, 2001
ADMINISTRATIVE PROCEEDING
File No. 3-10643 / November 19, 2001
_________________________________________________________________
In the Matter of
THE STATE BANK OF INDIA and
CITIBANK, N.A.
Respondents
_________________________________________________________________
ORDER INSTITUTING PROCEEDINGS,
MAKING FINDINGS, AND IMPOSING
A CEASE-AND-DESIST ORDER
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate that public cease-and-desist proceedings be instituted
pursuant to Section 8A of the Securities Act of 1933 ("Securities
Act") against The State Bank of India ("SBI") and Citibank, N.A
("Citibank"). Accordingly, it is hereby ordered that public
cease-and-desist proceedings pursuant to Section 8A of the Securities
Act be, and hereby are, instituted against SBI and Citibank.
II.
In anticipation of the institution of these public cease-and-desist
proceedings, SBI and Citibank have each submitted an offer of
settlement ("Offers of Settlement") which the Commission has
determined to accept. Solely for the purposes of these proceedings,
and any other proceeding brought by or on behalf of the Commission, or
in which the Commission is a party, and without admitting or denying
the findings contained in this Order Instituting Proceedings, Making
Findings, and Imposing A Cease-and-Desist Order pursuant to Section 8A
of the Securities Act of 1933 ("Order"), SBI and Citibank consent to
the entry of the Order, the findings and the remedial sanctions set
forth below.
III.
SNIPPETS:
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