sebi:Order/SM/AE/2022-23/17536-17542
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Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
- s. 15D
- s. 23
- s. 28
- s. 124
- s. 53
- s. 17
- s. 147
Regulations
- Reg. 10
- Reg. 25
- Reg. 18
- Reg. 33
- Reg. 32
- Reg. 53
- Reg. 10(a)
- Reg. 9
- Reg. 18(22)
- Reg. 60
- Reg. 47
- Reg. 25(19)
- Reg. 18(7)
- Reg. 25(16)
- Reg. 18(4)
- Reg. 25(2)
- Reg. 33(4)
- Reg. 39(1)
- Reg. 53(b)
- Reg. 18(4)(d)
Parties
- Kotak Mahindra Trustee Company Limited (Noticee 1)
- Nilesh Shah (Noticee 2)
- Lakshmi Iyer (Noticee 3)
- Deepak Agarwal (Noticee 4)
- Jolly Bhatt (Noticee 5)
- Abhishek Bisen (Noticee 6)
- Gaurang Shah (Noticee 7)
Holding
This is an allegations-stage order in which the adjudicating officer sets out the alleged violations by the Noticees relating to Kotak MF's FMP Series 127, 183, 187, 189, 193 and 194 — including alleged failure to exercise due diligence, extension of security maturity beyond scheme maturity, and failure to fully redeem/wind up close-ended schemes. No final adjudication or penalty is stated in the extracted portion.
Full text
Page 2 of 104 183, Series 187, Series 189, Series 193 and Series 194 inter alia. Kotak Mahindra Asset Management Company Limited (hereinafter be referred to as, the “Kotak AMC”) is the asset management company of Kotak MF. Kotak Mahindra Trustee Company Limited (Noticee 1) is the trustee company which holds the property of Kotak MF in trust for the benefit of unit holders. Mr. Nilesh Shah (Noticee 2) is the Managing Director of the Kotak AMC; Ms. Lakshmi Iyer (Noticee 3) is the Chief Invesment Officer (Debt) & Head Products of the Kotak AMC; Mr. Deepak Agarwal (Noticee 4) is the Vice-President & Fund Manager of the Kotak AMC; Ms. Jolly Bhatt (Noticee 5) is the Compliance Officer of the Kotak AMC; Mr. Abhishek Bisen (Noticee 6) was the fund manager of the schemes viz. FMP Series 127 and 183; and Mr. Gaurang Shah, Director of Kotak AMC (Noticee 7) was one of the members of the investment committee that approved the investment decisions of the FMP Series 127, 183, 187, 189, 193 and 194 along with Noticee 2 & 3.
Page 3 of 104 inquire into and adjudge under Section 15D and 15HB of the SEBI Act, the alleged violations of the provisions of MF Regulations and various circulars by Noticees 1 to 5 and 7 in the matter of FMP Series 187, 189, 193 and 194. Pursuant to transfer of Shri B J Dilip, the undersigned was appointed as AO in the matter of FMP Series 187, 189, 193 and 194 vide communique order dated December 31, 2020. Thereafter, vide communique order dated December 15, 2021, the undersigned was also appointed as AO in the matter of FMP Series 127 and 183.
Page 4 of 104 FMP Series 127 April 08, 2019 FMP Series 183 April 10, 2019 FMP Series 187 April 15, 2019 FMP Series 189 April 22, 2019 FMP Series 193 May 02, 2019 FMP Series 194 May 15, 2019
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Source: SecMarx — sebi:Order/SM/AE/2022-23/17536-17542. 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.