sebi:Order/JS/DP/2026-27/32450-32456
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Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 27
- s. 15I
- s. 15J
- s. 15E
- s. 7(4)
- s. 64(1)
Regulations
- Reg. 16
- Reg. 29
- Reg. 23
- Reg. 11(2)
- Reg. 15(1)(i)
- Reg. 23(2)
- Reg. 20(1)
- Reg. 20(5)
- Reg. 2(q)
- Reg. 29(1)(a)
- Reg. 28
- Reg. 23(3)
- Reg. 23(1)(a)
- Reg. 29(7)
- Reg. 29(5)
- Reg. 15(1)(a)
- Reg. 29(1)(b)
- Reg. 23(1)(b)
- Reg. 15(1)(r)
- Reg. 13(a)
Parties
- Exfinity Technology Fund (Noticee No. 1)
- Exfinity Venture Partners LLP (Noticee No. 2)
- Mr. V Balakrishnan (Noticee No. 3)
- Mr. Shailesh Ghorpada (Noticee No. 4)
- Mr. Chinnu Senthilkumar (Noticee No. 5)
- Mr. Nihar Ranjan (Noticee No. 6)
- Vistra ITCL (India) Limited (Noticee No. 7)
Holding
The Adjudicating Officer held Noticee No. 1 (Exfinity Technology Fund) and Noticee No. 2 (Exfinity Venture Partners LLP) in violation of multiple AIF Regulations including regulations 15(1)(a), 23(2), 28, and 29(1)(a) read with 29(5) and 29(7), and held Noticee No. 7 (Vistra ITCL) in violation of regulation 29(1)(a) read with 29(5) and 29(7) and regulation 20(1) read with clause 3(b) of the Code of Conduct. The quantum of penalty under section 15EA of the SEBI Act is not stated in the extracted portions.
Full text
Adjudication Order in the matter of Exfinity Technology Fund Page 2 of 48 3. Based on the findings of examination, SEBI initiated adjudication proceedings against Noticee No. 1, Exfinity Venture Partners LLP (hereinafter referred to as “Noticee No. 2”), Mr. V Balakrishnan (hereinafter referred to as “Noticee No. 3”), Mr. Shailesh Ghorpada (hereinafter referred to as “Noticee No. 4”), Mr. Chinnu Senthilkumar (hereinafter referred to as “Noticee No. 5”), Mr. Nihar Ranjan (hereinafter referred to as “Noticee No. 6”) and Vistra ITCL (India) Limited (hereinafter referred to as “Noticee No. 7”), hereinafter collectively referred to as “Noticees”, for the alleged violation of AIF Regulations.
Adjudication Order in the matter of Exfinity Technology Fund Page 3 of 48 (b) It was further noted that SEBI vide Circular No. SEBI/HO/AFD/PoD-I/P/CIR/2024/026 dated April 26, 2024 and SEBI/HO/AFD-PoD/P/CIR/2024/100 dated July 09, 2024 had granted additional/fresh liquidation period of up to 1 year to those schemes of an AIF whose mandatory liquidation period had already expired.
Adjudication Order in the matter of Exfinity Technology Fund Page 4 of 48 Sr. No. Quarter Submission Date Delay Sr. No. Quarter Submission Date Delay 8 Jun-2021 01-07-2021 - 20 Jun-2024 03-07-2024 - 9 Sep-2021 01-10-2021 - 21 Sep-2024 02-10-2024 - 10 Dec-2021 03-01-2022 -
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