sebi:SO/BM/GN/2024-25/7862-63
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Facts / Headnote
Adjudication proceedings disposed of pursuant to settlement
Provisions invoked
- s. 15H
- s. 15J
- s. 15E
Regulations
- Reg. 28
- Reg. 25
- Reg. 23(1)
- Reg. 18(9)
- Reg. 77
Parties
- Axis Asset Management Company Ltd.
- Axis Mutual Fund Trustee Limited
Holding
The adjudication proceedings initiated against the Applicants by SCN dated March 22, 2024 were disposed of on the basis of settlement terms, without admission or denial of findings, upon payment of INR 16,57,500/-.
Full text
------------------------------------------------------------------------------------------------------------- Settlement Order in the matter of Practice of Charging TER to AMC books Page 2 of 3
------------------------------------------------------------------------------------------------------------- Settlement Order in the matter of Practice of Charging TER to AMC books Page 3 of 3
calling upon the Applicants to show cause why an inquiry should not be held and penalty not be imposed, under Section 15E of the SEBI Act against Applicant 1 and under Section 15HB of the SEBI Act against Applicant 2 for the alleged violation of the aforesaid provisions. The said SCN was issued to the Applicant 1 as it has incurred the excess expenses of the mutual fund scheme thereby allegedly violated the provisions of Clause A(1) of SEBI Circulars dated October 22, 2018 whereas Applicant 2 by not ensuring the compliance of Applicant 1 with SEBI circular dated October 22, 2018 allegedly violated Regulation 18(9) read with Reg.77 of SEBI (Mutual Funds) Regulations, 1996
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Source: SecMarx — sebi:SO/BM/GN/2024-25/7862-63. 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.