sebi:SO/2024-25/PSD/17-21
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Facts / Headnote
Settled - specified proceedings in respect of which Notice was issued settled; SEBI shall not initiate enforcement action for said violations
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 20(1)
- Reg. 16
Parties
- AIF
- Key Managerial Personnel
- Vistra ITCL (India) Limited
Holding
The enforcement proceedings for breach of concentration limit against the Applicants are settled upon joint and several payment of Rs.12,75,000, and SEBI shall not initiate enforcement action for the said violations.
Full text
2 with Clause 2(a) and Clause 2(c) of Code of Conduct. Furthermore, the Trustee i.e. Vistra ITCL (India) Limited is in violation of Clause 15.2.3 and Clause 15.2.4 of the Master Circular dated May 07, 2024 read with Circular CIR/IMD/DF/14/2014 dated June 19, 2014 read with Regulations 20(1) and 20(2) of the AIF Regulation read with Clause 3(b) of the Code of Conduct of the AIF Regulations.
3 of Regulations 23 of the Settlement Regulations, the specified proceedings, in respect of which the Notice was issued, are hereby settled in respect of the Applicants on the following terms: i. SEBI shall not initiate any enforcement action against the Applicants for the said violations, and ii. passing of this Settlement Order is without prejudice to the right of SEBI under Regulation 28 of the Settlement Regulations to initiate appropriate action against the Applicants, if SEBI finds that: (a) any representation made by the Applicants in the present settlement proceedings is subsequently found to be untrue; (b) the Applicants have breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings; and (c) there is a discrepancy while arriving at the settlement terms.
3. In terms of Regulation 16 of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations”), SEBI issued a ‘Notice of Summary Settlement’ dated July 30, 2024 (hereinafter referred to as the “Notice”) to the AIF, the Key Managerial Personnel and the Trustee (hereinafter collectively referred to as the “Applicants”) intimating them that the relevant provisions of the AIF Regulations, as mentioned in paragraphs 1 and 2, had been violated on account of the breach of the concentration limit and that, if the Applicants so desired, the enforcement proceedings to be initiated for the same may be settled and disposed of upon filing of an application under the Settlement Regulations along with remittance of the settlement amount of ₹12,75,000/- (Rupees Twelve Lakhs Seventy Five Thousand only) to be paid jointly and severally within 30 calendar days from the date of receipt of the Notice in terms of Chapter VII of the Settlement Regulations.
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Source: SecMarx — sebi:SO/2024-25/PSD/17-21. 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.