sebi:SETTLEMENT/2023-24/7415
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Facts / Headnote
Settled
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 15(1)(c)
Parties
- M/s. GMO-Z.com Payment Gateway India Private Limited
Holding
Any enforcement proceedings that may be initiated against the Applicant for the Regulation 15(1)(c) violation described in paragraph 5 are settled on payment of Rs 10,50,000, and SEBI shall not initiate enforcement action for those violations subject to its rights under Regulation 28.
Full text
Page 2 of 4 4. In terms of Regulation 15(1)(c) of the AIF Regulations, Category I and II AIFs’ shall invest not more than twenty five per cent of the investable funds in an Investee Company. The relevant text of Regulation 15(1)(c) of the AIF Regulations is reproduced below:
Page 3 of 4 7. Pursuant to the receipt of the settlement application, the authorized representatives of the Applicant had a meeting with the Internal Committee of SEBI on December 20, 2023, wherein the issues detailed above were deliberated along with the terms of the settlement. Thereafter, vide email dated January 11, 2024, the Applicant proposed revised settlement terms to settle the enforcement proceedings that may be initiated against them for the violations as stated above at paragraph 5.
Page 4 of 4 (c) there is a discrepancy while arriving at the settlement terms. 10. This Settlement Order is passed on this 09 day of May, 2024 and shall come into force with immediate effect.
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Source: SecMarx — sebi:SETTLEMENT/2023-24/7415. 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.