| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
AXIS ASSET MANAGEMENT CO.LTD.
(PAN:AAHCA5892J)
|
|
|
|
CHANDRESH KUMAR NIGAM
(PAN:AAEPC3462A)
|
|
ALLEGED FAILURE TO ENSURE ADEQUATE AND EFFECTIVE CONTROL ENVIRONMENT VIOLATING SEBI (MUTUAL FUND) REGULATIONS, 1996 AND CIRCULARS ISSUED BY SEBI IN MATTER OF AXIS ASSET MANAGEMENT CO.LTD.
ALLEGED FAILURE IN HAVING ADEQUATE SYSTEMS IN PLACE TO ENSURE THAT THE CODE OF CONDUCT FOR DEALERS OR FUND MANAGERS BOTH ADHERE IN LETTER AND SPIRIT VIOLATING REGULATIONS 25(6A)(A) AND 25(6A)(B) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF AXIS ASSET MANAGEMENT CO.LTD.
|
REACHED SETTLEMENT (CONSENT ORDER)
24-MAR-2025
|
|
| 2 |
|
|
AXIS ASSET MANAGEMENT CO.LTD.
(PAN:AAHCA5892J)
|
|
|
ALLEGED FAILURE TO ENSURE ADEQUATE AND EFFECTIVE CONTROL ENVIRONMENT VIOLATING SEBI (MUTUAL FUND) REGULATIONS, 1996 AND CIRCULARS ISSUED BY SEBI
ALLEGED FAILURE IN MONITORING ADEQUATE CHECKS AND BALANCES IN DEALING OPERATIONS WHICH RESULTED IN FRONT RUNNING OF THE TRADES OF AXIS MUTUAL FUND
ALLEGED FAILURE IN PROVIDING STOCK TIPS, DIVULGING SPECIFIC INFORMATION ABOUT THE SCRIPS, DETAILS OF SCHEMES OF AXIS MUTUAL FUND IN WHICH THEY TOOK AND /OR SQUARED OFF POSITION
ALLEGED FAILURE TO HAVE ADEQUATE PROCESSES TO PREVENT, DETECT AND REMEDIATE NON-COMPLIANCE BY ITS EMPLOYEES
ALLEGED FAILURE TO ENSURE THAT OTHER ACTIVITIES ARE NOT IN CONFLICT WITH THE ACTIVITIES OF MUTUAL FUND
ALLEGED THAT EMPLOYEES OF THE AMC WERE USING PERSONAL EMAIL ID FOR BUSINESS COMMUNICATION, SHARING OFFICIAL DATA ON PERSONAL EMAIL ID, SHARING RESEARCH REPORTS ON COMPANIES, USING PERSONAL CHAT ACCOUNTS FOR BUSINESS COMMUNICATION AND COPYING DATA TO PERSONAL GOOGLE DRIVE
|
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.6,27,30,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
24-MAR-2025
|
|
| 3 |
|
|
AXIS ASSET MANAGEMENT CO.LTD.
(PAN:AAHCA5892J)
|
|
|
|
PAWAN JHANGIANI
(PAN:AIBPJ1848G)
|
|
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 (CONSENT ORDER)
24-MAR-2025
|
|
| 4 |
|
|
AXIS ASSET MANAGEMENT CO.LTD.
(PAN:AAHCA5892J)
|
|
|
|
JINESH GOPANI
(PAN:ACEPG7242C)
|
|
ALLEGED INDULGENCE IN PASSING INFORMATION/ADVISE/INDUCE TO BUY/SELL SECURITIES WHICH WERE BEING BOUGHT AND/OR SOLD BY MUTUAL FUND, WITH AMC IS THE INVESTMENT MANAGER VIOLATING PARA 6.6.2.2 OF SEBI MASTER CIRCULAR FOR MUTUAL FUNDS DATED 19/05/2023 IN MATTER OF AXIS ASSET MANAGEMENT CO.LTD.
|
REACHED SETTLEMENT (CONSENT ORDER)
24-MAR-2025
|
|
| 5 |
|
|
AXIS ASSET MANAGEMENT CO.LTD.
(PAN:AAHCA5892J)
|
|
|
|
DARSHAN KAPADIA
(PAN:ANGPK8906N)
|
|
ALLEGED FAILURE IN MONITORING COMPLIANCE OF MUTUAL FUND REGULATIONS AND VARIOUS CIRCULARS VIOLATING REGULATION 18(4)(D) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF AXIS ASSET MANAGEMENT CO.LTD.
|
REACHED SETTLEMENT (CONSENT ORDER)
24-MAR-2025
|
|
| 6 |
|
|
AXIS MUTUAL FUND TRUSTEE LTD.
(PAN:AAHCA5893K)
|
|
|
ALLEGED VIOLATING REGULATION 18(9) READ WITH REGULATION 10(A) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 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
|
|
| 7 |
|
|
AXIS MUTUAL FUND TRUSTEE LTD.
(PAN:AAHCA5893K)
|
|
|
ALLEGED FAILURE TO ENSURE COMPLIANCE OF AXIS ASSET MANAGEMENT CO.LTD. WITH SEBI CIRCULAR DATED 22/10/2018 VIOLATING REGULATION 18(9) READ WITH REGULATION 77 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.16,57,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
26-NOV-2024
|
|
| 8 |
|
|
BANK OF BARODA
|
|
|
SPONSORED MORE THAN ONE MUTUAL FUND AND HOLD MORE THAN 10% SHAREHOLDING IN MORE THAN ONE AMC AND TRUSTEE COMPANY VIOLATING REGULATION 7B OF SEBI (MF) REGULATIONS, 1996
|
DIRECTED TO BROUGHT DOWN SHAREHOLDING AND VOTING RIGHTS OF UTI AMC AND UTI TRUSTEE BELOW 10% ON OR BEFORE 31/12/2020
DIRECTED TO ENSURE COMPLIANCE WITH REGULATION 7B OF MF REGULATIONS REGARDING BOARD COMPOSITION ON OR BEFORE 31/12/2020
06-DEC-2019
|
|
| 9 |
|
|
BANK OF BARODA
(PAN:AAACB1534F)
|
|
|
SPONSORED MORE THAN ONE MUTUAL FUND AND HOLD MORE THAN 10% SHAREHOLDING IN MORE THAN ONE AMC AND TRUSTEE COMPANY VIOLATING REGULATION 7B OF SEBI (MF) REGULATIONS, 1996
|
WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET
14-AUG-2020
|
SAT: SAT VIDE ITS ORDER DATED 07/01/2021 PARTLY ALLOWED THE APPEAL BY SUBSTITUTING PENALTY OF RS.10 LACS TO WARNING. NO COSTS
|
| 10 |
|
|
BANK OF INDIA INVESTMENT MANAGERS PVT.LTD.
(PAN:AADCB2245A)
|
|
|
ALLEGED FAILURE IN INTER SCHEME TRANSFERS RESULTING INTO TRANSFER OF HIGH RISK SECURITIES TO SCHEMES CATEGORISED AS LOW/MEDIUM RISK WHICH DID NOT CONFIRM TO INVESTMENT OBJECTIVES VIOLATING CLAUSE 3(B) OF SCHEDULE SEVEN OF (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH REGULATION 44(1) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF BANK OF INDIA INVESTMENT MANAGERS PVT.LTD. (PREVIOUSLY: BOI AXA INVESTMENT MANAGERS PVT.LTD.
ALLEGED FAILURE IN VALUATION OF SECURITIES IN ACCORDANCE WITH OVERARCHING PRINCIPLES OF FAIR VALUATIONS AND DID NOT FOLLOW ITS OWN APPROVED VALUATION POLICY BY ARBITRARILY DECIDING FIGURE OF PER DAY PROVISIONING AND CONTINUED WITH PER DAY PROVISIONING IGNORING MATERIAL EVENTS AND MAJOR DEVELOPMENTS REGARDING FILING OF RECOVERY PROCEEDING AGAINST ISSUER WITH NCLT, VALUATION COMMITTEE MET AFTER DELAY/FAILED TO MEET IMMEDIATELY TO REVIEW/DISCUSS RELATED DEVELOPMENTS VIOLATING CLAUSES (A), (C), (G), (H) OF INVESTMENT VALUATION NORMS AS SPECIFIED IN EIGHTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH REGULATIONS 25(19) AND 47 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND CLAUSES 1, 8 AND 9 OF FIFTH SCHEDULE READ WITH REGULATION 25(16) 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.1,36,50,000 VIDE CONSENT ORDER)
28-DEC-2022
|
|
| 11 |
|
|
BIRLA SUN LIFE ASSET MANAGEMENT CO.LTD.
|
|
|
|
A.BALASUBRAMANIAN
|
|
DID NOT ADHERE TO ALL PROVISIONS OF THE DIRECTIVES/INSTRUCTIONS/GUIDELINES, CIRCULARS IN MATTER OF ADVERTISEMENT THROUGH NEWSPAPERS AND HOARDINGS AS REQUIRED UNDER REGULATION 25(6A) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET
20-FEB-2010
|
|
| 12 |
|
|
CANARA ROBECO ASSET MANAGEMENT CO.LTD.
(PAN:AAACC2031J)
|
|
|
ALLEGED VIOLATION OF REGULATION 38 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
ALLEGED VIOLATION OF REGULATION 48(2) OF (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH SEBI CIRCULAR MFD/CIR NO.11/171/01 DATED 09/02/2001 AND SEBI CIRCULAR SEBI/IMD/CIR NO.5/63714/06 DATED 29/03/2006
ALLEGED VIOLATION OF CLAUSE III OF SEBI CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/114 DATED 06/10/2017
ALLEGED VIOLATION OF CLAUSE 5 OF SEBI CIRCULAR SEBI/IMD/CIR NO.5/126096/08 DATED 23/05/2008
ALLEGED VIOLATION OF CLAUSE D OF SEBI CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2018/137 DATED 22/10/2018
ALLEGED VIOLATION OF CLAUSE B OF SEBI CIRCULAR SEBI/IMD/CIR NO.10/22701/03 DATED 12/12/2003
|
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.84,82,500 VIDE CONSENT ORDER)
11-JUN-2024
|
|
| 13 |
|
|
DSP TRUSTEE PVT.LTD.
(PAN:AAACD3070G)
|
|
|
DID NOT MAKE DISCLOSURE OF CORRECT TOTAL EXPENSE RATIO (TER) OF SCHEME TO INVESTORS VIOLATING REGULATION 18(9) READ WITH REGULATION 77 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 BY NOT ASSURING COMPLIANCE OF AMC WITH SEBI CIRCULAR DATED 22/10/2018 IN MATTER OF DSP MUTUAL FUND
|
IMPOSED PENALTY RS.1,00,000
29-DEC-2022
|
|
| 14 |
|
|
EDELWEISS ASSET MANAGEMENT LTD.
(PAN:AABCE8255H)
|
|
|
INVESTED IN MORE THAN MAXIMUM ALLOWED NUMBER OF STOCKS IN EQUITY AND EQUITY RELATED INSTRUMENTS VIOLATING PARA I (3) READ WITH ANNEXURE A(8) OF SEBI CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/114 DATED 06/10/2017
PURCHASED AND SOLD STOCKS IN SCHEME WERE TIMED IN SUCH A WAY THAT DEVIATION NOT REFLECTED IN MONTH-END PORTFOLIO DISCLOSURE VIOLATING PARA B(3)(1(A)) OF SEBI CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2018/92 DATED 05/06/2018
DID NOT ENSURE THAT ASSET MANAGEMENT COMPANY TOOK ALL REASONABLE STEPS AND EXERCISE DUE DILIGENCE TO ENSURE THAT INVESTMENT OF FUNDS PERTAINING TO ANY SCHEME WAS NOT CONTRARY TO REGULATIONS 25(1) AND 25(3) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.8,00,000
25-OCT-2024
|
|
| 15 |
|
|
EDELWEISS ASSET MANAGEMENT LTD.
(PAN:AABCE8255H)
|
|
|
|
RADHIKA GUPTA
(PAN:ARPPG6617H)
|
|
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
25-OCT-2024
|
|
| 16 |
|
|
EDELWEISS ASSET MANAGEMENT LTD.
(PAN:AABCE8255H)
|
|
|
|
TRIDEEP BHATTACHARYA
(PAN:AEWPB8493E)
|
|
DID NOT ENSURE THAT FUNDS OF SCHEMES WERE INVESTED TO ACHIEVE INVESTMENT OBJECTIVE OF THE SCHEME VIOLATING REGULATION 25 (6B) (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
25-OCT-2024
|
|
| 17 |
|
|
FAIRFAX FINANCIAL HOLDING LTD.
|
|
|
ALLEGED NON-COMPLIANCE OF REGULATION 7B OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 EVEN AFTER COMPLETION OF ONE YEAR GRACE PERIOD
|
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.29,25,000 VIDE CONSENT ORDER)
01-MAR-2023
|
|
| 18 |
|
|
FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PVT.LTD.
(PAN:AAACT1609B)
|
|
|
CONSTITUTED INFORMAL GROUP AS INVESTMENT COMMITTEE AND INCLUDED INTERNATIONAL CIO IN INVESTMENT COMMITTEE VIOLATING SEBI CIRCULAR MFD/CIR/15/19133/2002 DATED 30/09/2002 READ WITH REGULATION 10(A) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
ALLOWED INTERNATIONAL CIO WHO WAS SITTING OUT OF INDIA IN THE OPERATION OF AMC VIOLATING REGULATION 25(18) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS
29-NOV-2016
|
|
| 19 |
|
|
FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PVT.LTD.
(PAN:AAACT1609B)
|
|
|
COMITTED SERIOUS LAPSES/VIOLATION WITH REGARD TO SCHEME CATEGORIZATION (BY REPLICATING HIGH–RISK STRATEGY ACROSS SEVERAL SCHEMES), CALCULATION OF MACAULAY DURATION (TO PUSH LONG TERM PAPERS INTO SHORT DURATION SCHEMES), NON–EXERCISE OF EXIT OPTIONS IN THE FACE OF EMERGING LIQUIDITY CRISIS, SECURITIES VALUATION PRACTICES AND RISK MANAGEMENT PRACTICES AND INVESTMENT RELATED DUE DILIGENCE
|
IMPOSED PENALTY RS.5,00,00,000
07-JUN-2021
|
SAT: SAT VIDE ITS ORDER DATED 28/06/2021 DIRECTED FRANKLIN TO DEPOSIT RS.250.00 CRORE IN ESCROW ACCOUNT WITHIN THREE WEEKS FROM THE DATE OF THIS ORDER, SUBJECT TO RESULT 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
|
| 20 |
|
|
FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PVT.LTD.
(PAN:AAACT1609B)
|
|
|
COMITTED SERIOUS LAPSES/VIOLATION WITH REGARD TO SCHEME CATEGORIZATION (BY REPLICATING HIGH–RISK STRATEGY ACROSS SEVERAL SCHEMES), CALCULATION OF MACAULAY DURATION (TO PUSH LONG TERM PAPERS INTO SHORT DURATION SCHEMES), NON–EXERCISE OF EXIT OPTIONS IN THE FACE OF EMERGING LIQUIDITY CRISIS, SECURITIES VALUATION PRACTICES AND RISK MANAGEMENT PRACTICES AND INVESTMENT RELATED DUE DILIGENCE
|
PROHIBITED FROM LAUNCHING ANY NEW DEBT SCHEME(S)
DIRECTED TO REFUND INVESTMENT MANAGEMENT AND ADVISORY FEES
07-JUN-2021
|
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
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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