Mr. Nilesh Shah

2 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM: refund part of investment management/advisory fees to 6 FMP unitholders with 15% p.a. simple interest from maturity
WTM: penalty of Rs.50 Lakhs on Kotak AMC
AO: aggregate penalty of Rs.1.60 Crores on Trustee Company and employees
Penalty of Rs.50 Lakhs on Kotak AMC by WTM order
Penalty totalling Rs.1.60 Crores on Trustee Company and employees by AO order

SAT-appeal

Lack of due diligence in investing 6 close-ended FMPs in zero-coupon NCDs of Essel Group entities Konti and Edison; maturity mismatch, partial redemption, valuation and disclosure failures.
WTM: refund part of investment management/advisory fees to 6 FMP unitholders with 15% p.a. simple interest from maturity · WTM: not to launch any new FMP for 6 months from impugned order
Lack of due diligence in FMP investments in Essel Group ZCNCDs, maturity mismatch, partial redemption, segregated portfolio, valuation and disclosure failures.
Refund part of investment management/advisory fees for 6 FMPs with 15% p.a. simple interest from maturity · Restraint from launching any new FMP for 6 months from 27 August 2021
Appeal: Appeal No.654 of 2021 with Misc. Appl.711/2022 & 181/2025 and Appeal No.527 of 2022 under Sec 15T, heard and reserved 19 March 2025, pronounced 6 March 2026

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Source: SecMarx — Mr. Nilesh Shah. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.