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FPI norm violation case: Emerging India Focus Funds settles matter with Sebi
November 19, 2024
|Business Standard
Emerging India Focus Funds, a foreign portfolio investor (FPI), has settled a matter related to alleged violations of FPI norms with the Securities and Exchange Board of India (Sebi) for ₹64.35 lakh.
Under the settlement regulations, the fund settled the matter with the markets regulator without accepting or denying the allegations.
According to Sebi's settlement order, there were several alleged violations of the FPI regulations and intermediary regulations.
The regulator had sent a show-cause notice to the fund in February.
The high-powered advisory committee of Sebi considered the settlement terms and recommended the settlement amount, which was later approved by a panel of whole-time members.
According to the Sebi order, the fund allegedly violated Regulation 22 (1)(c) and (h) of the FPI Regulations 2019.
These two clauses relate to the fit-and-proper criteria of the investor and informing the designated depository participant in writing if there is any material change in the ownership or control of the fund.
هذه القصة من طبعة November 19, 2024 من Business Standard.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
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