sebi:Order/GG/AS/2022-23/17492-17496
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Facts / Headnote
Violations upheld against Noticees 1-5; penalty of INR 36,00,000/- imposed
Provisions invoked
- s. 15
- s. 28A
Regulations
- Reg. 25
- Reg. 25(1)
- Reg. 25(16)
- Reg. 25(2)
Parties
- PGIM MF (Noticee No: 1)
- Ajit Menon (Noticee No: 2)
- Kumaresh Ramakrishnan (Noticee No: 3)
- Rakesh Suri (Noticee No: 4)
- Puneet Pal (Noticee No: 5)
Holding
The AMC (Noticee 1), CEO (Noticee 2) and Fund Managers (Noticees 3-5) violated Regulation 25(1), 25(2), 25(16), 25(6A), 25(6B) of MF Regulations and Clauses (4),(6),(8),(9) of the Fifth Schedule by executing inter-scheme transfers (ISTs) that moved stressed securities to close ended schemes while moving good quality securities to open ended schemes, prejudicing close ended scheme investors. A total penalty of INR 36,00,000/- was imposed.
Full text
Adjudication Order in the matter of PGIM MF Page 2 of 49 (hereinafter referred to as “MF Regulations”), Circular No MFD/CIR/6/73/2000 dated July 27, 2000, and the same is the subject of the present adjudication proceedings.
Adjudication Order in the matter of PGIM MF Page 3 of 49 6. The common SCN dated April 13, 2022 was served on the Noticees via Speed Post Acknowledgement Due. Thereafter, Counsel for Noticees Mr Somasekhar Sundaresan appeared on behalf of the Noticees on May 20, 2022 and sought adjournment of the hearing to June 01, 2022, which was allowed.
Adjudication Order in the matter of PGIM MF Page 4 of 49 Sr. no Particulars No. of instances 1 Open ended scheme to Closed ended scheme 60 2 Open ended scheme to Open ended scheme 240 3 Closed ended scheme to Closed ended scheme 2 4 Closed ended scheme to open ended scheme 13 Total 315
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