sebi:Order/GG/VP/2022-23/17262
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Facts / Headnote
Violation found; penalty imposed under Section 15EA of SEBI Act
Provisions invoked
- s. 15
- s. 15E
Regulations
- Reg. 2(1)(h)
- Reg. 20(5)
- Reg. 15
- Reg. 28
- Reg. 2
- Reg. 15(1)(d)
- Reg. 24(b)
- Reg. 2(d)
- Reg. 2(h)
- Reg. 15(f)
- Reg. 167(2)
- Reg. 2(1)(p)
- Reg. 15(d)
Parties
- Indgrowth Capital Advisors LLP
Holding
The Noticee violated Regulation 15(1)(d) read with Regulations 20(5) and 24(b) AIF Regulations read with SEBI Circulars of July 2013 and July 2017 by exceeding the 10% investable-funds limit in Ugro Capital Limited and reporting incorrect investable funds, and a penalty of Rs. 10,00,000 under Section 15EA was imposed.
Full text
______________________________________________________________________________________ Adjudication order in the matter of Indgrowth Capital Fund I Page 2 of 15 manager of the Indgrowth AIF was responsible for every decision of the AIF, including ensuring that the decisions relating to compliance with the provisions of AIF Regulations, terms of the placement memorandum, agreements made with investors, other fund documents and applicable laws. Since, Indgrowth Capital Advisors LLP is the manager of Indgrowth AIF (hereinafter referred to as “Noticee”) was responsible for the compliance of provisions of Regulation 15(1)(d) read with Regulation 20(5) read with Regulation 24(b) AIF Regulations read with SEBI Circular No. CIR/IMD/DF/10/2013, dated 29 July, 2013 read with SEBI Circular No. SEBI/HO/IMD/DF1/CIR /P/2017/87, dated 31 July, 2017.
______________________________________________________________________________________ Adjudication order in the matter of Indgrowth Capital Fund I Page 3 of 15 2(1)(p) of the AIF Regulations; that the Noticee had exceeded the limit of 10% of the investable funds as prescribed in Regulation 15(1)(d) in Ugro Capital; and that by furnishing wrong figures under the head “investable fund” in its monthly and quarterly reports, the Noticee has failed to comply with the provisions in Sebi circulars of July 2013 and 2017.
______________________________________________________________________________________ Adjudication order in the matter of Indgrowth Capital Fund I Page 4 of 15
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Source: SecMarx — sebi:Order/GG/VP/2022-23/17262. 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.