sebi:SO/AS/EFD2/2023-24/7-9
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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 enforcement proceedings for breach of the AIF concentration limit were settled in respect of the Applicants upon payment of Rs 22,75,000 jointly and severally, and SEBI shall not initiate any enforcement action against the Applicants for the said violations.
Full text
Page 2 of 3 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 20, 2023 (hereinafter referred to as the “Notice”) to the AIF, its Manager and the Key Managerial 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 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 ₹22,75,000/- (Rupees Twenty two 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.
Page 3 of 3 (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 ₹22,75,000/- (Rupees Twenty two lakhs seventy five thousand only) on December 06, 2023. SEBI has confirmed credit of the same.
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Source: SecMarx — sebi:SO/AS/EFD2/2023-24/7-9. 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.