sebi:SO/AA/RK/2023-24/7233
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Facts / Headnote
Proceedings initiated vide Show Cause Notice dated April 12, 2023 disposed of pursuant to settlement; settlement amount of INR 43,31,250 paid to SEBI.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 15J
- s. 15E
Regulations
- Reg. 10
- Reg. 25
- Reg. 28
- Reg. 15
- Reg. 23
- Reg. 34
- Reg. 29
- Reg. 29(1)(a)
Parties
- Fulcrum Venture India Trust
- Fulcrum Venture India LLP
- Vistra ITCL (India) Limited
Holding
The proceedings against the Applicants (Fulcrum Venture India Trust, Fulcrum Venture India LLP, and Vistra ITCL (India) Limited) initiated vide Show Cause Notice dated April 12, 2023 are disposed of pursuant to settlement, with the Applicants paying a settlement amount of INR 43,31,250 without admitting or denying the findings of fact and conclusions of law.
Full text
Settlement Order in the matter of Examination of Fulcrum Venture India Trust Page 2 of 6 Table 1: Details of scheme launched by the Fund Name of the Scheme Type of sche me Target Corpu s Corpus
Settlement Order in the matter of Examination of Fulcrum Venture India Trust Page 3 of 6 (f) In view of the above, it was alleged that by failing to wind up scheme and distribute proceeds to investors pursuant to completion of tenure of the Fund, Applicant nos. 1 to 3 i.e. the Fund, the Manager and the Trustee have violated the provisions of Regulation 29(1)(a) of the SEBI (AIF) Regulations, 2012. (g) In terms of the provisions of Regulation 28 of AIF Regulations, the Board may at any time call upon the AIF to file such reports, as the Board may desire, with respect to the activities carried on by the Alternative Investment Fund. Further, Circular no. CIR/IMD/DF/10/2013 dated July 29, 2013 inter-alia states that Category II AIFs shall submit a report to SEBI on a quarterly basis in the specified format. (h) Pursuant to SEBI’s examination, it was observed that the Fund in its quarterly report submission for the quarter ended September, 2022 through SEBI Intermediaries Portal had submitted that the End Date of Term of Fulcrum Venture India Fund II is April 10, 2020 and the Extended End Date of the Term is April 10, 2022. However, the Fund had submitted vide letter dated October 07, 2021 and email dated January 18, 2023 that the End Date of the Term of the Fund was October 16, 2019 and the Extended End Date of the Term was October 16, 2021. In view of the above, it was alleged that the Noticee no. 1, Fund has misreported the said data in the Quarterly Report for the quarter endi
Settlement Order in the matter of Examination of Fulcrum Venture India Trust Page 4 of 6 APPLICATIONS FOR SETTLEMENT OF PROCEEDINGS
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Source: SecMarx — sebi:SO/AA/RK/2023-24/7233. 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.