| S.No. |
PERSON |
ENTITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
JOLLY BHATT
(PAN:AKDPB0624J)
|
|
|
DID NOT MONITOR COMPLIANCE WITH APPLICABLE PROVISIONS OF MUTUAL FUNDS REGULATIONS WITH RESPECT TO DISCLOSURE OF SCHEME-RELATED INFORMATION TO UNITHOLDERS VIOLATING REGULATION 18(4)(D) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH REGULATION 60 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND CLAUSE 2 OF FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.10,00,000
30-JUN-2022
|
SAT: SAT VIDE ITS ORDER DATED 24/08/2022 RESPONDENT TO FILE REPLY WITHIN THREE WEEKS AND APPELLANT TO FILE REJOINDER WITHIN THREE WEEKS THEREAFTER. DIRECTED RESPONDENT THAT NO RECOVERY TO BE MADE DURING PENDENCY OF APPEAL
SAT: SAT VIDE ITS ORDER DATED 01/12/2022 ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER
|
| 22 |
|
|
KAILASH KULKARNI
|
|
|
|
L&T INVESTMENT MANAGEMENT LTD.
|
|
ALLEGED FAILURE TO ENSURE THAT MUTUAL FUND COMPLIED WITH ALL THE PROVISIONS OF (MUTUAL FUNDS) REGULATIONS AND GUIDELINES OR CIRCULAR ISSUED IN RELATION THEREIN AND THAT THE INVESTMENTS MADE BY FUND MANAGER(S) ARE IN THE INTEREST OF THE UNIT HOLDERS
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.14,62,500 VIDE CONSENT ORDER)
17-FEB-2023
|
|
| 23 |
|
|
KUMARESH RAMAKRISHNAN
(PAN:AAGPR4138Q)
|
|
|
DID NOT ADHERE TO PROVISIONS OF MUTUAL FUND REGULATIONS WHILE EXECUTING INTER SCHEME TRANSFER (ISTS) BETWEEN OPEN AND CLOSE-ENDED SCHEMES OF PGIM MUTUAL FUND, CERTAIN LOW-QUALITY SECURITIES WERE TRANSFERRED FROM CLOSE-ENDED SCHEMES TO OPEN-ENDED SCHEMES VIOLATING REGULATION 25(6B) OF MUTUAL FUND REGULATIONS AND CLAUSES (4), (6), (8) AND (9) OF CODE OF CONDUCT AS SPECIFIED IN FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND CIRCULAR NO.MFD/CIR/6/73/2000 DATED 27/07/2000
|
IMPOSED PENALTY RS.2,00,000
30-JUN-2022
|
SAT: SAT VIDE ITS ORDER DATED 22/08/2022 GRANTED FOUR WEEKS TO FILE AFFIDAVIT IN REPLY FROM DATE OF THIS ORDER AND AFFIDAVIT IN REJOINDER IF ANY, WITHIN TWO WEEKS. THE EFFECT AND OPERATION OF IMPUGNED ORDER SHALL REMAIN STAYED INSOFAR AS IT RELATES TO APPELLANT SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER
SAT: SAT VIDE ITS ORDER DATED 01/11/2022 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER. INTERIM RELIEF, IF ANY EXTENDED TILL NEXT DATE OF HEARING
|
| 24 |
|
|
KUNAL AGARWAL
(PAN:ADYPA3090P)
|
|
|
DID NOT ENSURE THAT FUNDS OF THE SCHEMES ARE BEING INVESTED TO ACHIEVE OBJECTIVES OF THE SCHEME AND IN THE INTEREST OF THE UNIT HOLDERS AND DID NOT TAKE ADEQUATE STEPS TO ENSURE THAT THE FT-AMC FOLLOW THE REGULATORY PROVISIONS VIOLATING SEBI CIRCULARS NO. SEBI/HO/IMD/DF3/CIR/P/2017/114 DATED 06/10/2017 AND CIRCULAR NO.SEBI/HO/IMD/DF3/CIR/P/2017/126 DATED 04/12/2017 AND REGULATION 25(6B) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF FRANKLIN TEMPLETON MUTUAL FUND
|
IMPOSED PENALTY RS.1,50,00,000
14-JUN-2021
|
SAT: SAT VIDE ITS ORDER DATED 29/07/2021 DIRECTED RESPONDENT TO FILE REPLY WITHIN TWO WEEKS FROM DATE OF THIS ORDER AND APPELLANTS TO FILE REJOINDER ON OR BEFORE THE NEXT DATE. DIRECTED APPELLANTS TO DEPOSIT 50% OF PENALTY AMOUNT WITHIN THREE WEEKS FROM DATE OF THIS ORDER. IF AMOUNT DEPOSITED, BALANCE AMOUNT SHALL NOT BE RECOVERED DURING PENDENCY OF THE APPEAL
SAT: SAT VIDE ITS ORDER DATED 30/08/2021 GRANTED RESPONDENT TWO WEEKS FURTHER TIME TO FILE REPLIES IN THE REMAINING APPEALS AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER
|
| 25 |
|
|
LAKSHMI IYER
(PAN:AAGPI4510F)
|
|
|
DID NOT EXERCISE DUE DILIGENCE AND CARE TO APPROVAL NOTE BY INVESTMENT COMMITTEE FOR INVESTMENT IN ZEE/ESSEL GROUP COMPANIES AND DID NOT ENSURE THAT FUNDS OF FIXED MATURITY PLANS INVESTED TO ACHIEVE OBJECTIVES OF FIXED MATURITY PLANS AND IN INTEREST OF UNIT HOLDERS WITH HIGH STANDARDS OF SERVICE AND DUE DILIGENCE REQUIRED VIOLATING REGULATIONS 25(6B) AND 25(16) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND CLAUSES 6 AND 9 OF CODE OF CONDUCT IN FIFTH SCHEDULE OF (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.25,00,000
30-JUN-2022
|
SAT: SAT VIDE ITS ORDER DATED 24/08/2022 RESPONDENT TO FILE REPLY WITHIN THREE WEEKS AND APPELLANT TO FILE REJOINDER WITHIN THREE WEEKS THEREAFTER. DIRECTED RESPONDENT THAT NO RECOVERY TO BE MADE DURING PENDENCY OF APPEAL
SAT: SAT VIDE ITS ORDER DATED 01/12/2022 ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER
|
| 26 |
|
|
MILIND BARVE
(PAN:ABGPB6755Q)
|
|
|
|
HDFC ASSET MANAGEMENT CO.LTD.
PAN:AAACH7614L
|
|
ALLEGED FAILURE IN RESPONSIBILITY FOR OVERALL RISK MANAGEMENT FUNCTION AS CEO
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.15,00,000 VIDE CONSENT ORDER)
30-SEP-2011
|
|
| 27 |
|
|
MILIND BARVE
(PAN:ABGPB6755Q)
|
|
|
|
HDFC ASSET MANAGEMENT CO.LTD.
PAN:AAACH7614L
|
|
ALLEGED VIOLATION OF REGULATIONS 25(6A), 25(19), 33(4), 39(1), 53(B) SCHEDULE EIGHTH UNDER REGULATIONS 25(19) AND 47 OF THE SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF ESSEL GROUP OF COMPANIES
ALLEGED VIOLATION OF REGULATIONS 2(B), 25(6A), 25(19), 31, 33(4), 47 AND 60 OF THE SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF ESSEL GROUP OF COMPANIES
ALLEGED VIOLATION OF CLAUSES 6 AND 9 OF CODE OF CONDUCT SPECIFIED IN SCHEDULE FIFTH OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF ESSEL GROUP OF COMPANIES
ALLEGED VIOLATION OF VARIOUS SEBI CIRCULARS/ORDERS
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.4,20,46,420 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
16-APR-2020
|
|
| 28 |
|
|
NANDKUMAR SURTI
(PAN:AALPS8105P)
|
|
|
|
JP MORGAN ASSET MANAGEMENT INDIA PVT.LTD.
|
|
ALLEGED VIOLATION OF REGULATION 25(6A) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.27,20,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
27-MAR-2018
|
|
| 29 |
|
|
NANI JAVERI
(PAN:ACUPJ2334K)
|
|
|
ALLEGED FAILURE TO HAVE APPROPRIATE CONTROLS IN PLACE TO PREVENT USE OF FUNDS OF ONE SCHEME BY ANOTHER SCHEME OF MUTUAL FUND VIOLATING THE PROVISIONS OF REGULATION 18(9) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN THE MATTER OF HSBC MUTUAL FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.23,92,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
27-MAY-2024
|
|
| 30 |
|
|
NILESH SHAH
(PAN:AAJPS6768A)
|
|
|
DID NOT EXERCISE DUE DILIGENCE AND CARE TO APPROVAL NOTE BY INVESTMENT COMMITTEE FOR INVESTMENT IN ZEE/ESSEL GROUP COMPANIES AND DID NOT ENSURE THAT FUNDS OF FIXED MATURITY PLANS INVESTED TO ACHIEVE OBJECTIVES OF FIXED MATURITY PLANS AND IN INTEREST OF UNIT HOLDERS WITH HIGH STANDARDS OF SERVICE AND DUE DILIGENCE REQUIRED VIOLATING REGULATIONS 25(6B) AND 25(16) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND CLAUSES 6 AND 9 OF CODE OF CONDUCT IN FIFTH SCHEDULE OF (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.30,00,000
30-JUN-2022
|
SAT: SAT VIDE ITS ORDER DATED 24/08/2022 RESPONDENT TO FILE REPLY WITHIN THREE WEEKS AND APPELLANT TO FILE REJOINDER WITHIN THREE WEEKS THEREAFTER. DIRECTED RESPONDENT THAT NO RECOVERY TO BE MADE DURING PENDENCY OF APPEAL
SAT: SAT VIDE ITS ORDER DATED 01/12/2022 ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER
|
| 31 |
|
|
NIMESH SHAH
(PAN:AAZPS3473J)
|
|
|
ALLEGED VIOLATION OF REGULATION 25(6A) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF IPO OF ICICI SECURITIES LTD.
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.6,80,000 VIDE CONSENT ORDER)
29-NOV-2018
|
|
| 32 |
|
|
PALLAB ROY
(PAN:AEBPR3653P)
|
|
|
DID NOT ENSURE THAT FUNDS OF THE SCHEMES ARE BEING INVESTED TO ACHIEVE OBJECTIVES OF THE SCHEME AND IN THE INTEREST OF THE UNIT HOLDERS AND DID NOT TAKE ADEQUATE STEPS TO ENSURE THAT THE FT-AMC FOLLOW THE REGULATORY PROVISIONS VIOLATING SEBI CIRCULARS NO. SEBI/HO/IMD/DF3/CIR/P/2017/114 DATED 06/10/2017 AND CIRCULAR NO.SEBI/HO/IMD/DF3/CIR/P/2017/126 DATED 04/12/2017 AND REGULATION 25(6B) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF FRANKLIN TEMPLETON MUTUAL FUND
|
IMPOSED PENALTY RS.1,50,00,000
14-JUN-2021
|
SAT: SAT VIDE ITS ORDER DATED 29/07/2021 DIRECTED RESPONDENT TO FILE REPLY WITHIN TWO WEEKS FROM DATE OF THIS ORDER AND APPELLANTS TO FILE REJOINDER ON OR BEFORE THE NEXT DATE. DIRECTED APPELLANTS TO DEPOSIT 50% OF PENALTY AMOUNT WITHIN THREE WEEKS FROM DATE OF THIS ORDER. IF AMOUNT DEPOSITED, BALANCE AMOUNT SHALL NOT BE RECOVERED DURING PENDENCY OF THE APPEAL
SAT: SAT VIDE ITS ORDER DATED 30/08/2021 GRANTED RESPONDENT TWO WEEKS FURTHER TIME TO FILE REPLIES IN THE REMAINING APPEALS AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER
|
| 33 |
|
|
PAWAN JHANGIANI
(PAN:AIBPJ1848G)
|
|
|
|
AXIS ASSET MANAGEMENT CO.LTD.
PAN:AAHCA5892J
|
|
ALLEGED IN USING MOBILE PHONE DURING MARKET HOURS AND DID NOT ENSURE COMMUNICATION THROUGH RECORDED MODES AND CHANNELS ONLY VIOLATING CODE OF CONDUCT PROVIDED UNDER PART B OF MUTUAL FUND REGULATIONS READ WITH REGULATION 25(6C)(B) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND CLAUSE 2(B) OF CODE OF CONDUCT IN MATTER OF AXIS ASSET MANAGEMENT CO.LTD.
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.6,27,30,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
24-MAR-2025
|
|
| 34 |
|
|
PRASANNA PRAKASH PANDA
(PAN:AAPPP5505L)
|
|
|
|
IIFCL ASSET MANAGEMENT CO.LTD.
PAN:AACCI9090F
|
|
ALLEGED FAILURE IN MAINTENANCE OF VALUATION REPORT OF INVESTMENT IN GVR INFRA PVT.LTD.
ALLEGED FAILURE IN MAKING PROVISIONS RELATING TO INVESTMENT AND VALUATION MANUAL IN THE MATTER OF GVR INFRA PVT.LTD.
ALLEGED DISCREPANCY IN END USE OF PROCEEDS IN THE MATTER OF GVR INFRA PVT.LTD.
ALLEGED FAILURE IN CHARGING ADDITIONAL COUPON DESPITE RATING DOWNGRADE IN THE MATTER OF GVR INFRA PVT.LTD.
ALLEGED FAILURE IN KEEPING RECORD TO ENSURE HOW EVENT OF DEFAULT MONITORED AND HOW ANY DEFAULT WITH OTHER LENDERS IDENTIFIED TIMELY IN THE MATTER OF GVR INFRA PVT.LTD.
ALLEGED DEVIATION IN TIME ALLOWED FOR DEBT SERVICE RESERVE ACCOUNT (DSRA) THROUGH INTERNAL NOTE WITHOUT GETTING DEVIATION APPROVED FROM AMC BOARD IN THE MATTER OF GVR INFRA PVT.LTD.
ALLEGED NOC SIGNED BY CIO THOUGH CEO WAS AUTHORIZED IN THE MATTER OF GVR INFRA PVT.LTD.
ALLEGED FAILURE TO ENSURE SECURITY CREATION IN THE MATTER OF D.P.JAIN & CO.
ALLEGED FAILURE TO FULFILL DEBT SERVICE COVERAGE RATIO (DSCR) REQUIREMENT IN THE MATTER OF D.P.JAIN & CO.
ALLEGED FAILURE TO OBTAIN NOC OR PARI-PASSU LETTERS FROM ALL EXISTING LENDERSIN THE MATTER OF D.P.JAIN & CO.
ALLEGED SHORTFALL IN PLEDGE OF SHARES BY THE COMPANY AND SHORTFALL IN HYPOTHECATION OF TWO GROUP COMPANIES IN THE MATTER OF D.P.JAIN & CO.
ALLEGED FAILURE IN CHARGING PENAL INTEREST FOR CONDITIONS DEFINED AS “EVENT OF DEFAULT” IN DEBENTURE TRUST AGREEMENT IN THE MATTER OF D.P.JAIN & CO.
ALLEGED DELAY IN PLEDGE OF SHARES HELD BY PROMOTERS IN THE MATTER OF D.P.JAIN & CO.
ALLEGED FAILURE IN CHARGING PENAL INTEREST OF 0.25% OVER COUPON RATE FOR DELAY IN SECURITY CREATION WITH RESPECT TO INVESTMENT IN FEEDBACK INFRA PVT.LTD.
ALLEGED FAILURE IN PLEDGING OF EQUITY SHARES OF FEEDBACK HIGHWAYS OMT PVT.LTD. AND ALL INVESTMENTS INCLUDING IN IL&FS, PENDING DEPLOYMENT OF FUNDS, CONTRARY TO PPMS (PRIVATE PLACEMENT MEMORANDUMS) OF THE SCHEMES
ALLEGED FAILURE IN MAINTENANCE OF DOCUMENT CONFIRMING PORTFOLIO REVIEWED BY INVESTMENT RECOMMENDATION COMMITTEE (IRC)
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.1,02,37,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
30-APR-2024
|
|
| 35 |
|
|
PRASHANT JAIN
(PAN:AACPJ2583K)
|
|
|
|
HDFC ASSET MANAGEMENT CO.LTD.
PAN:AAACH7614L
|
|
ALLEGED VIOLATION OF REGULATIONS 25(6B) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF ESSEL GROUP OF COMPANIES
ALLEGED VIOLATION OF CLAUSES 6 AND 9 OF CODE OF CONDUCT SPECIFIED IN SCHEDULE FIFTH OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF ESSEL GROUP OF COMPANIES
ALLEGED VIOLATION OF VARIOUS SEBI CIRCULARS/ORDERS
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.4,20,46,420 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
16-APR-2020
|
|
| 36 |
|
|
PUNEET PAL
(PAN:AJYPP7612E)
|
|
|
DID NOT ADHERE TO PROVISIONS OF MUTUAL FUND REGULATIONS WHILE EXECUTING INTER SCHEME TRANSFER (ISTS)BETWEEN OPEN AND CLOSE-ENDED SCHEMES OF PGIM MUTUAL FUND, CERTAIN LOW-QUALITY SECURITIES WERE TRANSFERRED FROM CLOSE-ENDED SCHEMES TO OPEN-ENDED SCHEMES VIOLATING REGULATION 25(6B) OF MUTUAL FUND REGULATIONS AND CLAUSES (4), (6), (8) AND (9) OF CODE OF CONDUCT AS SPECIFIED IN FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.2,00,000
30-JUN-2022
|
SAT: SAT VIDE ITS ORDER DATED 22/08/2022 GRANTED FOUR WEEKS TO FILE AFFIDAVIT IN REPLY FROM DATE OF THIS ORDER AND AFFIDAVIT IN REJOINDER IF ANY, WITHIN TWO WEEKS. THE EFFECT AND OPERATION OF IMPUGNED ORDER SHALL REMAIN STAYED INSOFAR AS IT RELATES TO APPELLANT SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER
SAT: SAT VIDE ITS ORDER DATED 01/11/2022 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER. INTERIM RELIEF, IF ANY EXTENDED TILL NEXT DATE OF HEARING
|
| 37 |
|
|
RADHIKA GUPTA
(PAN:ARPPG6617H)
|
|
|
|
EDELWEISS ASSET MANAGEMENT LTD.
PAN:AABCE8255H
|
|
DID NOT ENSURE THAT MUTUAL FUND COMPLY WITH ALL THE REGULATIONS AND GUIDELINES OR CIRCULARS ISSUED VIOLATING REGULATION 25 (6A)(A) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND PARA I (3) READ WITH ANNEXURE A(8) OF SEBI CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/114 DATED 06/10/2017
|
IMPOSED PENALTY RS.4,00,000
25-OCT-2024
|
SAT: SAT VIDE ITS ORDER DATED 20/12/2024 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND FILE REJOINDER THREE WEEKS THEREAFTER. STAYED THE IMPUGNED ORDER SUBJECT TO DEPOSIT 50% OF THE PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER
SAT: SAT VIDE ITS ORDER DATED 19/03/2025 GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER
|
| 38 |
|
|
RAJESH CHAWATHE
(PAN:AACPC8615R)
|
|
|
ALLEGED FAILURE IN REPORTING OF NON-COMPLIANCES WITH REFERENCE TO VALUATION OF SECURITY AND DID NOT REPORT THE SAME TO BOARD VIOLATING REGULATION 18(4D) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF BANK OF INDIA INVESTMENT MANAGERS PVT.LTD. (PREVIOUSLY: BOI AXA INVESTMENT MANAGERS PVT.LTD.)
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.39,00,000 VIDE CONSENT ORDER)
28-DEC-2022
|
|
| 39 |
|
|
RAJESH IYER
(PAN:AAAPI4641K)
|
|
|
ALLEGED EXECUTION OF CERTAIN ISTS FROM OPEN ENDED TO CLOSED ENDED SCHEMES AND VICE VERSA WITHOUT RECORDING CORRECT RATIONALE OR BASED ON SUPPORTING RESEARCH REPORT AMONG OTHERSVIOLATINGREGULATION 25(6A), AND CLAUSES (4), (6), (8) AND (9) OF CODE OF CONDUCT AS SPECIFIED IN FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF PGIM INDIA MUTUL FUND
ALLEGED VIOLATIONOF CIRCULAR NO.MFD/CIR/6/73/2000 DATED 27/07/2000
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.16,57,500 VIDE CONSENT ORDER)
24-AUG-2023
|
|
| 40 |
|
|
RAKESH SURI
(PAN:AVGPS5704A)
|
|
|
DID NOT ADHERE TO PROVISIONS OF MUTUAL FUND REGULATIONS WHILE EXECUTING INTER SCHEME TRANSFER (ISTS)BETWEEN OPEN AND CLOSE-ENDED SCHEMES OF PGIM MUTUAL FUND, CERTAIN LOW-QUALITY SECURITIES WERE TRANSFERRED FROM CLOSE-ENDED SCHEMES TO OPEN-ENDED SCHEMES VIOLATING REGULATION 25(6B) OF MUTUAL FUND REGULATIONS AND CLAUSES (4), (6), (8) AND (9) OF CODE OF CONDUCT AS SPECIFIED IN FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.2,00,000
30-JUN-2022
|
SAT: SAT VIDE ITS ORDER DATED 22/08/2022 GRANTED FOUR WEEKS TO FILE AFFIDAVIT IN REPLY FROM DATE OF THIS ORDER AND AFFIDAVIT IN REJOINDER IF ANY, WITHIN TWO WEEKS. THE EFFECT AND OPERATION OF IMPUGNED ORDER SHALL REMAIN STAYED INSOFAR AS IT RELATES TO APPELLANT SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER
SAT: SAT VIDE ITS ORDER DATED 01/11/2022 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER. INTERIM RELIEF, IF ANY EXTENDED TILL NEXT DATE OF HEARING
|
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