sebi:EAD-2/SS/VS/2018-19/2435
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Facts / Headnote
SCN disposed of; no monetary penalty imposed on the Noticee
Provisions invoked
- s. 15H
- s. 15I
Regulations
- Reg. 16
- Reg. 23(1)
Parties
- Vistra ITCL (India) Ltd. (IL & FS Trust Company Ltd.)
Holding
The Adjudicating Officer held that Vistra ITCL (India) Ltd. is not liable for imposition of monetary penalty for the alleged violation of regulation 23(1)(a) read with regulation 16 of the VCF Regulations in relation to the third extension of Scheme-1.
Full text
______________________________________________________________________________________ Adjudication Order in the matter of CIG Realty Fund
______________________________________________________________________________________ Adjudication Order in the matter of CIG Realty Fund
Page 2 of 3 (Ref No.: EAD-2/SS/VS/67/167/2018-19) if any extension is approved by the resolution of seventy-five percent of the investors in the scheme. SEBI noted that for these two schemes, the third extension of 3 years period as mentioned above was not in compliance with PPM of the respective schemes. SEBI felt satisfied that there are sufficient grounds to inquire and adjudicate upon the alleged violation of regulation 23(1) (a) read with regulation 16 of the VCF Regulations, by UAIPL and Trustees of Schemes 1 and 2. The Trustees of Scheme-1 and Scheme-2 are as follows: S. No. Scheme Trustees 1 Scheme 1 Mr. S. K. Misra 2 Mr. Anil Harish 3 Vistra ITCL (India) Ltd. (IL & FS Trust Company Ltd.) 4 Scheme 2 Mr. Rakesh Dhingra 5 Mr. Mahesh Kumar Sharma 6 Mr. Vijay Tulshyan
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Source: SecMarx — sebi:EAD-2/SS/VS/2018-19/2435. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.