sebi:Order/AS/AK/2023-24/28013
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Facts / Headnote
Penalty imposed on the Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 12(1)
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 22
- Reg. 23
- Reg. 3(1)
- Reg. 22(1)(c)
Parties
- Fidelity Management & Research Company LLC
Holding
The Noticee was found to have violated Para 15(i) of Part A of the OG read with Regulations 22(1)(a) and 22(1)(c) of the FPI Regulations and Clause 5 of Third Schedule read with Regulation 23, as well as Regulations 3(1), 7(5) and 22(1)(a) of the FPI Regulations read with Section 12(1) of the SEBI Act and Clause 5 of Third Schedule read with Regulation 23. A combined penalty of Rs. 1,00,00,000 was imposed under Sections 15A and 15HB of the SEBI Act.
Full text
Adjudication Order in respect of Fidelity Management & Research Company LLC Page 2 of 26 trading in securities market despite FIMM being merged into FMRC and being aware that FMRC did not had a valid FPI registration. In view of the same, SEBI initiated adjudication proceedings against the Noticee for violating the provisions of the following Regulations:
Adjudication Order in respect of Fidelity Management & Research Company LLC Page 3 of 26 Noticee and why penalty, if any, should not be imposed upon it under section 15A and 15HB of the SEBI Act as for the following alleged violations: Noticee Alleged violation Adjudicatio n under provisions
Adjudication Order in respect of Fidelity Management & Research Company LLC Page 4 of 26 on or about January 1, 2020. With the mergers not expected to result in any changes to the day-to-day management of the funds or their investment policies, the GC stated that it anticipated that it will need to process name change for FIMM once the merger is effective and had asked DDP to confirm if this was a notifiable event and if so, provide full details of the process.
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Source: SecMarx — sebi:Order/AS/AK/2023-24/28013. 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.