Under the settlement regulations, the fund settled the matter with the markets regulator without accepting or denying the allegations.
According to Sebi's settlement order, there were several alleged violations of the FPI regulations and intermediary regulations.
The regulator had sent a show-cause notice to the fund in February.
The high-powered advisory committee of Sebi considered the settlement terms and recommended the settlement amount, which was later approved by a panel of whole-time members.
According to the Sebi order, the fund allegedly violated Regulation 22 (1)(c) and (h) of the FPI Regulations 2019.
These two clauses relate to the fit-and-proper criteria of the investor and informing the designated depository participant in writing if there is any material change in the ownership or control of the fund.
This story is from the November 19, 2024 edition of Business Standard.
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This story is from the November 19, 2024 edition of Business Standard.
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