| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 41 |
|
KOTAK MAHINDRA ASSET MANAGEMENT CO.LTD.
(PAN:AAACZ1086G)
|
|
|
DID NOT PAY FULL PROCEEDS BASED ON DECLARED NET ASSET VALUE (NAV) AS ON RESPECTIVE MATURITY DATES VIOLATING REGULATIONS 10(A), 25(16), 25(19) & 47 AND CLAUSE 9 OF FIFTH SCHEDULE READ WITH PRINCIPLES OF FAIR VALUATION AS PRESCRIBED UNDER EIGHTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
DID NOT ADHERE TO VARIOUS SEBI CIRCULARS
|
DIRECTED TO REFUND A PART OF INVESTMENT MANAGEMENT AND ADVISORY FEES COLLECTED FROM UNITHOLDERS ALONG WITH SIMPLE INTEREST @15% P.A. FROM DATE OF MATURITY
DIRECTED TO SUBMIT COMPLIANCE REPORT TO SEBI
DIRECTED NOT TO LAUNCH ANY NEW SCHEMES FROM 27-AUG-2021 TO 26-FEB-2022
IMPOSED PENALTY RS.50,00,000
27-AUG-2021
|
SAT: SAT VIDE ITS ORDER DATED 21/10/2021 ALLOWED RESPONDENT THREE WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER. IN THE MEANWHILE, DIRECTION TO REFUND A PART OF THE INVESTMENT MANAGEMENT AND ADVISORY FEES COLLECTED BY APPELLANT FROM UNIT HOLDERS TO REMAIN STAYED. DIRECTED APPELLANT TO DEPOSIT RS.20 LAC TO RESPONDENT AS PER IMPUGNED ORDER WITHIN FOUR WEEKS FROM DATE OF THIS ORDER
SAT: SAT VIDE ITS ORDER DATED 17/02/2022 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER
|
| 42 |
|
|
KOTAK MAHINDRA TRUSTEE CO.LTD.
(PAN:AAACK3434H)
|
|
|
DID NOT ENSURE THAT TRANSACTIONS ENTERED INTO AND ACTIVITIES OF KOTAK AMC WERE IN ACCORDANCE WITH PROVISIONS OF MUTUAL FUND REGULATION & SCHEME DOCUMENT AND DID NOT ENSURE THAT INVESTMENTS WERE IN ACCORDANCE WITH INVESTMENT OBJECTIVES AND DID NOT RENDER HIGH STANDARDS OF SERVICE AND EXERCISE DUE DILIGENCE VIOLATING REGULATIONS, 10(A), 18(7), 18(9) AND 18(22) AS WELL AS CLAUSES 6 AND 9 OF CODE OF CONDUCT IN FIFTH SCHEDULE OF (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.40,00,000
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
|
| 43 |
|
|
L&T INVESTMENT MANAGEMENT LTD.
|
|
|
|
JALPAN SHAH
|
|
|
KAILASH KULKARNI
|
|
|
SHRIRAM RAMANATHAN
|
|
|
VIKAS GARG
|
|
ALLEGED FAILURE TO AVOID CONFLICTS OF INTEREST IN MANAGING THE AFFAIRS OF SCHEMES AND TO KEEP THE INTEREST OF ALL THE UNIT HOLDERS PARAMOUNT IN ALL MATTERS
ALLEGED FAILURE TO CARRY OUT BUSINESS AND INVEST IN ACCORDANCE WITH THE INVESTMENT OBJECTIVES STATED IN THE OFFER DOCUMENTS AND TAKE INVESTMENT DECISIONS SOLELY IN THE INTEREST OF UNIT HOLDERS
ALLEGED FAILURE TO RENDER AT ALL TIMES HIGH STANDARDS OF SERVICE, EXERCISE DUE DILIGENCE, ENSURE PROPER CARE AND EXERCISE INDEPENDENT PROFESSIONAL JUDGMENT
ALLEGED FAILURE TO ENSURE THAT THE TRANSFERS OF INVESTMENTS FROM ONE SCHEME TO ANOTHER SCHEME WERE ALLOWED ONLY IF SUCH TRANSFERS WERE DONE AT THE PREVAILING MARKET PRICE FOR THE QUOTED INSTRUMENTS ON SPOT BASIS
ALLEGED FAILURE TO ENSURE THAT VALUATION OF ITS INVESTMENTS MUST ALLOW FAIR TREATMENT TO ALL INVESTORS INCLUDING EXISTING INVESTORS AS WELL AS INVESTORS SEEKING TO PURCHASE OR REDEEM UNITS OF MUTUAL FUNDS IN ALL SCHEMES AT ALL POINTS OF TIME
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.57,03,750 VIDE CONSENT ORDER)
17-FEB-2023
|
|
| 44 |
|
|
LIFE INSURANCE CORP.OF INDIA
(PAN:AAACL0582H)
|
|
|
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
|
|
| 45 |
|
|
LIFE INSURANCE CORP.OF INDIA
(PAN:AAACL0582H)
|
|
|
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
|
| 46 |
|
|
NIPPON LIFE INDIA TRUSTEE LTD.
(PAN:AAACR2646C)
|
|
|
DID NOT ENSURE COMPLIANCE WITH CLAUSE A(1) OF SEBI CIRCULAR DATED 22/10/2018 BY NIPPON LIFE INDIA ASSET MANAGEMENT LTD. VIOLATING REGULATION 18(9) READ WITH REGULATION 77 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.1,00,000
08-AUG-2024
|
|
| 47 |
|
|
ORIX CORP.
(PAN:AAACO7277N)
|
|
|
HELD INDIRECTLY MORE THAN 10% THE VOTING RIGHTS IN THE ASSET MANAGEMENT COMPANY AND THE TRUSTEE COMPANY OF ANOTHER MUTUAL FUND (ILFS AMC AND ILFC TC) VIOLATING REGULATION 7B(1) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
HELD INDIRECTLY 10% OR MORE OF THE VOTING RIGHTS IN THE ASSET MANAGEMENT COMPANY AND THE TRUSTEE COMPANY OF MORE THAN ONE MUTUAL FUND VIOLATING REGULATION 7B(2) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
IMPOSED PENALTY RS.5,00,000
19-JUN-2023
|
|
| 48 |
|
|
PGIM ASSET MANAGEMENT CO.
(PAN:AACCD9994M)
|
|
|
DID NOT ADHERE TO PROVISIONS OF MUTUAL FUND REGULATIONS WHILE EXECUTING 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(1), 25(2), 25(16) 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.25,00,000
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
|
| 49 |
|
|
PRINCIPAL PNB ASSET MANAGEMENT CO.PVT.LTD.
(PAN:AAACI9361B)
|
|
|
ALLEGED VIOLATION OF TOTAL EXPENSE RATIO (TER) AND BREACH OF MAXIMUM PERMISSIBLE TOTAL EXPENSE RATIO (TER) LIMIT AS PER REGULATIONS 10(A) AND 52(6) (C) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.25,90,000 VIDE CONSENT ORDER)
28-MAR-2018
|
|
| 50 |
|
|
PRINCIPAL TRUSTEE CO.PVT.LTD.
(PAN:AADCP2274K)
|
|
|
ALLEGED VIOLATION OF TOTAL EXPENSE RATIO (TER) AND BREACH OF MAXIMUM PERMISSIBLE TOTAL EXPENSE RATIO (TER) LIMIT AS PER REGULATIONS 10(A) AND 52(6) (C) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.25,90,000 VIDE CONSENT ORDER)
28-MAR-2018
|
|
| 51 |
|
|
RELIANCE CAPITAL ASSET MANAGEMENT LTD.
(PAN:AAACR2668G)
|
|
|
DID NOT FILE ADVERTISEMENT OF NFO WITHIN STIPULATED TIME AS REQUIRED UNDER REGULATION 30(1) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
DISPLAY AND VOICE-OVER STANDARD WARNING IN AUDIO VISUAL OF ADVERTISEMENT OF NFO WAS NOT AS PER STANDARDS AND IT WAS OF LESS THAN FIVE SECONDS AS REQUIRED UNDER REGULATION 77 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
DIRECTED TO WITHDRAW ADVERTISEMENT OF NFO OF RELIANCE INFRASTRUCTURE FUND OF RELIANCE MUTUAL FUND
03-JUN-2009
|
DIRECTED TO ABIDE STRICTLY BY STIPULATIONS ON ADVERTISEMENTS BY MUTUAL FUNDS,ISSUED BY SEBI, BOTH IN LETTER AND SPIRIT, VIDE ORDER DATED 12/01/2010
|
| 52 |
|
|
RELIGARE ASSET MANAGEMENT CO.LTD.
|
|
|
|
SAURABH NANAVATI
|
|
DISPLAY AND VOICE-OVER STANDARD WARNING IN AUDIO VISUAL OF ADVERTISEMENT OF NFO WAS NOT AS PER STANDARDS AND IT WAS OF LESS THAN FIVE SECONDS AS REQUIRED UNDER REGULATION 77 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996
|
CENSURED/WARNED & DIRECTED TO BE DILIGENT IN COMPLYING WITH SEBI REGULATIONS
09-FEB-2010
|
|
| 53 |
|
|
SHRIRAM ASSET MANAGEMENT CO.LTD.
|
|
|
TRANSACTED BUSINESS THROUGH ASSOCIATE BROKERS IN EXCESS OF PERMISSIBLE LIMITS
|
IMPOSED PENALTY RS.5,00,000
24-JUN-2002
|
SAT: APPEAL ALLOWED
|
| 54 |
|
|
STATE BANK OF INDIA
(PAN:AAACS8577K)
|
|
|
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
|
| 55 |
|
|
STATE BANK OF INDIA
(PAN:AAACS8577K)
|
|
|
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
|
|
| 56 |
|
|
TAURUS ASSET MANAGEMENT CO.LTD.
(PAN:AAACC2275J)
|
|
|
ALLEGED VIOLATION OF CLAUSES (A), (C), (E), (G), (H) AND (I) OF INVESTMENT VALUATION DIRECTIVES/INSTRUCTIONS/GUIDELINES AS SPECIFIED IN EIGHTH SCHEDULE UNDER REGULATIONS 25(19) AND 47 SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF BALLARPUR INDUSTRIES LTD.
ALLEGED VIOLATION OF REGULATION 25(2) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF BALLARPUR INDUSTRIES LTD.
ALLEGED VIOLATION OF SCHEDULE II OF SEBI CIRCULAR NO. SEBI/IMD/CIR NO.11/78450/06 DATED 11/10/2016 READ WITH REGULATION 50(2) OF SEBI(MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF DEBT INSTRUMENTS OF BALLARPUR INDUSTRIES LTD.
ALLEGED VIOLATION OF REGULATIONS 3(A),4(1),4(2)(F),(K), P) AND (S) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DEBT INSTRUMENTS OF BALLARPUR INDUSTRIES LTD.
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.1,94,82,201 VIDE CONSENT ORDER)
23-JUL-2020
|
|
| 57 |
|
|
TAURUS INVESTMENT TRUST CO.LTD.
(PAN:AAACC1753B)
|
|
|
ALLEGED FAILURE IN HAVING ANY POLICIES AND PROCEDURES TO DEAL WITH EXCEPTIONAL EVENTS WHERE MARKET QUOTATIONS ARE NO LONGER RELIABLE FOR PARTICULAR SECURITY VIOLATING CLAUSE (C) OF INVESTMENT VALUATION NORMS AS SPECIFIED IN EIGHTH SCHEDULE UNDER REGULATIONS 25(19) AND 47 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH REGULATION 18(9) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF TAURUS MUTUAL FUND
ALLEGED FAILURE IN CHECKING COMPLIANCE OF DUE DILIGENCE PROCESS THROUGH INDEPENDENT AUDITORS OR INTERNAL STATUTORY AUDITORS OR OTHER SYSTEM VIOLATING CLAUSES 8 AND 9 OF FIFTH SCHEDULE UNDER REGULATION 18(22) SEBI (MUTUAL FUNDS) REGULATIONS, 1996 AND SEBI CIRCULAR NO.IMD/CIR/6/73/2000 DATED 27/07/2000 IN MATTER OF TAURUS MUTUAL FUND
ALLEGED FAILURE IN REVIEWING VALUATION POLICY VIOLATING CLAUSE (D) OF INVESTMENT VALUATION NORMS AS SPECIFIED IN EIGHTH SCHEDULE UNDER REGULATIONS 25(19) AND 47 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH REGULATIONS 18(9), 25(6A) AND 18(4)(D) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF TAURUS MUTUAL FUND
ALLEGED FAILURE IN HAVING ANY POLICY TO ADDRESS CONFLICT OF INTEREST VIOLATING CLAUSE (E) OF INVESTMENT VALUATION NORMS AS SPECIFIED IN EIGHTH SCHEDULE UNDER REGULATIONS 25(19) AND 47 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 READ WITH REGULATIONS 18(9), 25(6A) AND 18(4)(D) OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF TAURUS MUTUAL FUND
ALLEGED FAILURE IN DETECTING AND PREVENT INCORRECT VALUATION VIOLATING CLAUSE (H) OF INVESTMENT VALUATION NORMS AS SPECIFIED IN EIGHTH SCHEDULE UNDER REGULATIONS 25(19) AND 47 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF TAURUS MUTUAL FUND
ALLEGED INDULGENCE IN DECLARATION OF INCORRECT NAV VIOLATING CLAUSE (G) OF EIGHTH SCHEDULE UNDER REGULATIONS 25(19) AND 47 OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF TAURUS MUTUAL FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.40,67,250 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
30-JUL-2021
|
|
| 58 |
|
|
UNION KBC ASSET MANAGEMENT CO.PVT.LTD.
|
|
|
|
G.PRADEEPKUMAR
|
|
ALLEGED VIOLATION OF REGULATION 18(22), 25(16),68(H) READ WITH CLAUSES 6, 8 AND 9 OF FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF UNION KBC MUTUAL FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.37,31,071 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
31-OCT-2018
|
|
| 59 |
|
|
UNION KBC TRUSTEE CO.PVT.LTD.
|
|
|
ALLEGED VIOLATION OF REGULATION 18(22), 25(16),68(H) READ WITH CLAUSES 6, 8 AND 9 OF FIFTH SCHEDULE OF SEBI (MUTUAL FUNDS) REGULATIONS, 1996 IN MATTER OF UNION KBC MUTUAL FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.37,31,071 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
31-OCT-2018
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
| |
|
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| Page 3 of 3
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