sebi:Order/JS/VC/2025-26/32145-32147
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on all three Noticees for violation of VCF Regulations
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
- s. 9(1)
- s. 25(1)
- s. 7(4)
- s. 64(1)
Regulations
- Reg. 36
- Reg. 23(1)
- Reg. 23
- Reg. 11(2)
- Reg. 24(2)
- Reg. 23(1)(a)
- Reg. 23(3)
- Reg. 20(1)
- Reg. 39
- Reg. 15(1)(i)
- Reg. 23(1)(b)
- Reg. 15(1)(r)
- Reg. 13(a)
- Reg. 16
Parties
- Forum Synergies India Trust (Noticee-1)
- Forum Synergies (India) Fund Managers Private Limited (Noticee-2)
- Vistra ITCL (India) Limited (Noticee-3)
Holding
The Noticees violated regulation 23(1)(a) read with regulation 23(3) and regulation 24(2) read with regulation 23(3) and 23(1)(a) of the VCF Regulations by failing to wind up the scheme upon expiry of its stipulated tenure and by extending the term beyond permissible limits. A monetary penalty of ₹10,00,000/- was imposed on each of the three Noticees.
Full text
Adjudication Order in the matter of India Knowledge Manufacturing Fund-I, a scheme of Forum Synergies India Trust Page 2 of 41
Adjudication Order in the matter of India Knowledge Manufacturing Fund-I, a scheme of Forum Synergies India Trust Page 3 of 41
Adjudication Order in the matter of India Knowledge Manufacturing Fund-I, a scheme of Forum Synergies India Trust Page 4 of 41
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/JS/VC/2025-26/32145-32147. 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.