sebi:Order/GR/KG/2021-22/13496
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Charges against Kotak Mahindra Bank Limited not established; no penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
Regulations
- Reg. 2
- Reg. 23
- Reg. 201
- Reg. 7(4)
- Reg. 22(3)
- Reg. 26(2)(d)
- Reg. 21(7)
Parties
- Kotak Mahindra Bank Limited
- Heshika Growth Fund
- Plutus Terra India Fund
Holding
The charges against Kotak Mahindra Bank Limited as Designated Depository Participant for failure to club FPI investments and report delay were not established, and no penalty under Section 15HB of the SEBI Act was imposed.
Full text
Adjudication Order in respect of Kotak Mahindra Bank Limited in the matter of Sathavahana Ispat Limited Page 2 of 32 2. The undersigned has been appointed as the Adjudicating Officer (AO) by SEBI, vide
Adjudication Order in respect of Kotak Mahindra Bank Limited in the matter of Sathavahana Ispat Limited Page 3 of 32 Pursuant to the declaration for clubbing of investment limits submitted by the FPIs, it was informed by NSDL vide email dated June 10, 2019 that the combined investments of the FPIs have exceeded the limit of 10%.
Adjudication Order in respect of Kotak Mahindra Bank Limited in the matter of Sathavahana Ispat Limited Page 4 of 32 The Noticee No.1 vide e-mail dated February 24, 2020 had informed that the Noticees no. 2 and 3 had informed it about their decision to classify their investments where the holding is in excess of 10% of the investee company’s paid up capital, as Foreign Direct Investment, on June 11, 2019. It was therefore alleged that the Noticees No. 2 and 3 were in non-compliance with the provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 (“FPI Regulations”), since July 28, 2014 to June 11, 2019.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/GR/KG/2021-22/13496. 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.