sebi:WTM/SM/AFD-1/AFD-1-SEC/20965/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held violations of VCF Regulations and SCORES circular proved; directed winding up of scheme with exit to investors by January 31, 2023; proceedings against deceased Noticee No.5 abated; no monetary penalty imposed
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 15
- s. 23(3)
Regulations
- Reg. 3
- Reg. 16
- Reg. 17
- Reg. 29
- Reg. 23(1)
- Reg. 23
- Reg. 24
- Reg. 24(2)
- Reg. 23(1)(a)
- Reg. 23(3)
- Reg. 29(c)
Parties
- Urban Infrastructure Trustees Limited
- P.K. Bansal
- Sandeep Kedia
- Jesal Sanghvi
- R.A. Agarwal
- Dharmesh Trivedi
- Urban Infrastructure Venture Capital Limited
- Parag Parekh
- Anand Jain
- P Krishnamurthy
- Rajeev Bhandari
- S S Thakur
Holding
The Fund violated regulation 23(1)(a) of VCF Regulations by failing to wind up the Urban Infrastructure Opportunities Fund scheme after expiry of its tenure and violated SEBI circular CIR/OIAE/1/2014 by delayed grievance redressal, and all Noticees except deceased Noticee No.5 were directed to wind up the scheme and provide exit within 3 months from the order.
Full text
__________________________________________________________________________________ Final Order in the matter of Urban Infrastructure Venture Capital Fund Page 1 of 37
__________________________________________________________________________________ Final Order in the matter of Urban Infrastructure Venture Capital Fund Page 2 of 37
__________________________________________________________________________________ Final Order in the matter of Urban Infrastructure Venture Capital Fund Page 3 of 37
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Source: SecMarx — sebi:WTM/SM/AFD-1/AFD-1-SEC/20965/2022-23. 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.