sebi:WTM/KV/IMD/IMD-SEC-4/30589/2024-25
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Facts / Headnote
AO Order held erroneous and prejudicial to the interest of the securities market; penalty of INR 5,00,000 imposed on the Noticee under section 15HB of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 28A
- s. 23
- s. 23I
- s. 15T
Regulations
- Reg. 25
Parties
- HSBC Asset Management (India) Private Limited (formerly L&T Asset Management Company)
Holding
The Adjudicating Officer's order dated August 23, 2023 exonerating the Noticee was held erroneous and prejudicial to the interest of the securities market, and a monetary penalty of INR 5,00,000 was imposed on the Noticee under section 15HB of the SEBI Act, 1992 for violation of sub-regulation (2) of Regulation 25 read with clause 9 of Fifth Schedule – Part A of the MF Regulations and the July 2000 Circular.
Full text
In the matter of inspection of L & T Mutual Fund Page 2 of 37 A. Background 1. Present proceeding has emanated from a Show Cause Notice dated November 06, 2023 (hereinafter referred to as “SCN”) issued by the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) under sub-section (3) of section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) to HSBC Asset Management (India) Private Limited (hereinafter referred to as “HSBC/ Noticee”) calling upon to show cause as to why the order dated August 23, 2023 passed by the Adjudicating Officer (hereinafter referred to as “AO”), should not be examined and revised under sub- section (3) of section 15 (I) of SEBI Act, 1992 and penalty should not be imposed in terms of section 15HB of the SEBI Act, 1992.
In the matter of inspection of L & T Mutual Fund Page 3 of 37 this order, the AMC which has now merged and become the asset management company of HSBC is being referred to as the Noticee.
In the matter of inspection of L & T Mutual Fund Page 4 of 37 5. The AO, vide its order dated August 23, 2023 (hereinafter referred to as the “AO
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Source: SecMarx — sebi:WTM/KV/IMD/IMD-SEC-4/30589/2024-25. 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.