sebi:SO/2024-25/PSD/69-70
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Facts / Headnote
Settled - specified proceedings settled; SEBI shall not initiate enforcement action for said violations
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 16
- Reg. 39(2)(b)
Parties
- Fund
- Investment Manager
Holding
The specified enforcement proceedings for which the Notice of Summary Settlement dated January 28, 2025 was issued are settled in respect of the Fund and Investment Manager under Regulation 23 of the Settlement Regulations, and SEBI shall not initiate enforcement action for the said VCF Regulations violations.
Full text
2 Regulations and Regulation 39(2)(b) of the SEBI (Alternative Investment Funds) Regulations, 2012. 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 January 28, 2025 (hereinafter referred to as the “Notice”) to the Fund and the Investment Manager (hereinafter collectively referred to as the “Applicants”) intimating them of the relevant provisions of the VCF Regulations, as mentioned in paragraph 2 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 ₹14,62,500/- (Rupees Fourteen lakhs and Sixty-Two thousand and Five Hundred 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.
3 ii. Passing of this Settlement Order is without prejudice to the right of SEBI under Regulations 28 and 31 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.
4. In response to the same, the Applicants filed applications proposing to settle the enforcement proceedings that may be initiated against them for the violation of the provisions of the VCF Regulations, as mentioned in paragraph 2 above, through a settlement order and remitted the settlement amount of ₹14,62,500/- (Rupees Fourteen lakhs and Sixty-Two thousand and Five Hundred only) on February 03, 2025. SEBI has confirmed credit of the said amount.
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Source: SecMarx — sebi:SO/2024-25/PSD/69-70. 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.