sebi:Order/AS/VC/2024-25/31223-31226

SEBI · SEBI · 2021-04-07 · Asha Shetty, Adjudicating Officer

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Provisions invoked

Regulations

Parties

Holding

The excerpt does not contain the final disposition or penalty; it records that certain alleged violations (including Regulation 15(1)(f), Regulation 15(1)(d), Regulation 28 read with circulars, and Regulation 23(3)) were found to stand established, while others (e.g., Regulation 10(c) with Clause 1(b) of the Code of Conduct) were held not established.

Full text

Adjudication Order in the matter of KellyGamma Fund Page 2 of 45 2. Based on the findings of examination, SEBI initiated adjudication proceedings against KellyGamma Fund (‘Noticee-1’), KellyGamma Advisors LLP (‘Noticee- 2’), Sharvil Parikh (‘Noticee-3’) and Vistra ITCL (India) Limited (‘Noticee-4’) {hereinafter together referred to as ‘Noticees’} for violating the provisions of the following Regulations and Circulars: Table No. 1 Noticee No. Name of the Noticee Alleged Violations 1 KellyGamma Fund (a) Regulation 15(1)(f) of AIF Regulations. (b) 15(1)(d) of the AIF Regulations. (c) Regulation 10(c) of the AIF Regulations and Clause 1(b) of Code of Conduct for AIFs as specified in the Fourth Schedule of AIF Regulations. (d) Regulation 10(a) of the AIF Regulations and Clause 1(c) of Code of Conduct for AIFs as specified in the Fourth Schedule of AIF Regulations. (e) Regulation 23(3) of the AIF Regulations. (f) Regulation 28 of AIF Regulations read with SEBI circular no. SEBI/HO/IMD/IMD-I/DOF6/CIR/2021/549, dated April 07, 2021 read with Circular no. SEBI/HO/IMD/IMD-I/DOF6/CIR/2021/700, dated December 30, 2021 read with Clause 15.1 of SEBI master Circular no. SEBI/HO/AFD/PoD1/P/CIR/2023/130 dated July 31, 2023 read with Clauses 1(e) of Code of Conduct for AIFs as specified in the Fourth Schedule of AIF Regulations. (g) Clause 4 of SEBI Circular no. CIR/IMD/DF/14/2014 dated June 19, 2014, read with Clause 15.2 of SEBI

Adjudication Order in the matter of KellyGamma Fund Page 3 of 45 Noticee No. Name of the Noticee Alleged Violations Master Circular no. SEBI/HO/AFD/PoD1/P/CIR/2023/130 dated July 31, 2023 read with Regulations 20(1) of AIF Regulations, 2012 read with Clauses 1(e) of Code of Conduct for AIFs as specified in the Fourth Schedule of AIF Regulations. 2 KellyGamma Advisors LLP Regulation 20 (5) of AIF Regulations and Regulation 20 (1), 20 (2) read with Clause 2 (a), (c) and (d) of Code of Conduct for Managers of AIFs and Key Management Personnel (KMP) of Managers and AIFs as specified in the Fourth Schedule of AIF Regulations. 3 Sharvil Parikh Regulation 20 (1) of AIF Regulations read with Clause 2 (a), (c) and (d) of Code of Conduct for Managers of AIFs and KMP of Managers and AIFs as specified in the Fourth Schedule of AIF Regulations. 4 Vistra ITCL (India) Limited Regulation 20(1), 20(2) of AIF Regulations read with Clause 3 (b) of Code of Conduct for Trustee of the AIF as specified in the Fourth Schedule of AIF Regulations.

Adjudication Order in the matter of KellyGamma Fund Page 4 of 45 committed by the Noticee. Subsequently, pursuant to transfer of erstwhile AO, undersigned was appointed as AO in the matter vide order dated July 22, 2024.

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Source: SecMarx — sebi:Order/AS/VC/2024-25/31223-31226. 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.