sebi:SO/AS/EFD2/2023-24/10-13
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Facts / Headnote
Settled
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 16
Holding
The specified proceedings in respect of which the Notice of Summary Settlement was issued are hereby settled in respect of the Applicants, and SEBI shall not initiate any enforcement action against the Applicants for the said violations.
Full text
Page 2 of 3 CIR/IMD/DF/14/2014 dated June 19, 2014 by the AIF, Manager and the Key Management Personnel of the AIF. 2. 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 October 19, 2023 (hereinafter referred to as the “Notice”) to the AIF, its Manager and the Key Management Personnel (hereinafter collectively referred to as the “Applicants”) intimating them that the relevant provisions of the AIF Regulations, as mentioned in paragraph 1, have been violated 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 ₹15,00,000/- (Rupees Fifteen lakhs 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.
Page 3 of 3 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 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 AIF Regulations, mentioned in paragraph 1 above, through a settlement order and remitted the settlement amount of ₹15,00,000/- (Rupees Fifteen lakhs only) on December 08, 2023. SEBI has confirmed credit of the same.
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Source: SecMarx — sebi:SO/AS/EFD2/2023-24/10-13. 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.