| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 61 |
|
INDIABULLS REAL ESTATE FUND
(PAN:AABTI2027E)
(Along with : INDIABULLS AIF,
INDIABULLS DUAL ADVANTAGE REAL ASSET FUND,
INDIABULLS ASSET MANAGEMENT CO.LTD.)
|
|
|
|
AMBAR MAHESHWARI
PAN:ACGPM4843F
|
|
|
AMIT JAIN
PAN:AEZPJ4052Q
|
|
|
PARTH MURIA
PAN:AYPPM1958C
|
|
ALLEGED TO PLEDGE INDIABULLS DUAL ADVANTAGE REAL ASSET (IBDARA) FUND SCHEME ASSETS FOR A LOAN TAKEN BY INVESTEE COMPANY
ALLEGED FAILURE TO DRAWDOWN EQUAL PERCENTAGE OF COMMITMENT ACROSS ALL CLASSES OF UNITS FOR INDIABULLS DUAL ADVANTAGE REAL ASSET (IBDARA) FUND SCHEME
ALLEGED FAILURE TO ADHERE CONCENTRATION LIMITS IN INVESTEE COMPANY IN CASE OF BOTH SCHEMES INDIABULLS REAL ESTATE FUND (IBREF) AND INDIABULLS DUAL ADVANTAGE REAL ASSET (IBDARA) FUND SCHEME
ALLEGED FAILURE IN ENSURING PROPER VALUATION FREQUENCY OF INVESTMENTS FOR BOTH SCHEMES INDIABULLS REAL ESTATE FUND (IBREF) AND INDIABULLS DUAL ADVANTAGE REAL ASSET (IBDARA) FUND
ALLEGED MISREPRESENTATION OF FINANCIAL INFORMATION AND DISCLOSED INACCURATE FINANCIAL INFORMATION RELATED TO VALUATION OF INDIABULLS DUAL ADVANTAGE REAL ASSET (IBDARA) FUND SCHEME TO INVESTORS
ALLEGED FAILURE TO COMPLY WITH DEFICIENCY LETTER DATED 12/05/2017 ISSUED POST INSPECTION HELD IN FY 2015 ADVISING FUND TO CONDUCT VALUATION OF ITS SECURITIES BI-ANNUALLY
ALLEGED FAILURE IN SUBMITTING INACCURATE INFORMATION IN CTR FILED WITH TRUSTEE
|
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,43,32,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
17-SEP-2025
|
|
| 62 |
|
|
INDOSTAR CREDIT FUND
|
|
|
DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL
|
CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND
22-MAY-2026
|
|
| 63 |
|
|
INVESTCORP INDIA ASSET MANAGERS PVT.LTD.
(PAN:AAFCI0227D)
|
|
|
|
AJAY KUMAR
PAN:APLPK8439D
|
|
|
GAURAV SHARMA
PAN:AYZPS1019G
|
|
|
NIRAJ SIRSALEWAL
PAN:AAJPS5097A
|
|
|
RITESH VOHRA
PAN:ABBPV4200D
|
|
ALLEGED DELAY IN LIQUIDATION AND DISTRIBUTION OF ASSETS OF THE FUND VIOLATING REGULATIONS 13(5) AND 29(7) READ WITH 20(1) AND 20(5) AND CLAUSES 2(A), 2(C) AND 3(B) OF CODE OF CONDUCT SPECIFIED IN FOURTH SCHEDULE OF (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 IN MATTER OF INVESTCORP REAL ESTATE YIELD FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.25,50,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
07-MAR-2025
|
|
| 64 |
|
|
INVESTCORP REAL ESTATE YIELD FUND
(PAN:AABTI0798Q)
|
|
|
|
AJAY KUMAR
PAN:APLPK8439D
|
|
|
GAURAV SHARMA
PAN:AYZPS1019G
|
|
|
NIRAJ SIRSALEWAL
PAN:AAJPS5097A
|
|
|
RITESH VOHRA
PAN:ABBPV4200D
|
|
ALLEGED DELAY IN LIQUIDATION AND DISTRIBUTION OF ASSETS OF THE FUND VIOLATING REGULATIONS 13(5) AND 29(7) READ WITH 20(1) AND 20(5) AND CLAUSES 2(A), 2(C) AND 3(B) OF CODE OF CONDUCT SPECIFIED IN FOURTH SCHEDULE OF (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 IN MATTER OF INVESTCORP REAL ESTATE YIELD FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.25,50,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
07-MAR-2025
|
|
| 65 |
|
|
INVESTMAXIMA ADVISORS LLP
(Along with : INVESTMAXIMA TRUST)
|
|
|
DID NOT FILE QUARTERLY REPORTS TO SEBI
|
IMPOSED PENALTY RS.2,00,000
30-NOV-2022
|
SEBI VIDE ITS NOTICE DATED 05/04/2024 DIRECTED TO PAY RS.2,37,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE
SEBI VIDE ITS ORDER DATED 06/05/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED
SEBI VIDE ITS NOTICE DATED 25/11/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.2,50,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG
|
| 66 |
|
|
INVESTMAXIMA TRUST
|
|
|
DID NOT FILE QUARTERLY REPORTS TO SEBI
|
CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND FROM 16-FEB-2024
16-FEB-2024
|
|
| 67 |
|
|
INVESTMAXIMA TRUST
(Along with : INVESTMAXIMA ADVISORS LLP)
|
|
|
DID NOT FILE QUARTERLY REPORTS TO SEBI
|
IMPOSED PENALTY RS.2,00,000
30-NOV-2022
|
|
| 68 |
|
|
IREO ADVANTAGE FUND I
|
|
|
DID NOT FILE QUARTERLY REPORTS TO SEBI
|
CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND FROM 16-FEB-2024
16-FEB-2024
|
|
| 69 |
|
|
IREO INVESTMENT ADVISORS PVT.LTD.
|
|
|
DID NOT FILE QUARTERLY REPORTS TO SEBI
|
IMPOSED PENALTY RS.1,00,000
30-SEP-2022
|
|
| 70 |
|
|
IROHA EMERGING INDIA FUND
(PAN:AACTI2000G)
(Along with : IROHA INVESTMENT MANAGEMENT PVT.LTD.)
|
|
|
|
CHANDRASHEKAR SHEKAR
PAN:BMTPS0481H
|
|
|
JAIRAM JANARDHANAN
PAN:AMRPJ9564D
|
|
|
KIRTI CHOPRA
PAN:ADRPC8713G
|
|
|
NAVEEN LOHIYA
PAN:AHWPL2078C
|
|
ALLEGED VIOLATION OF CONCENTRATION LIMIT OF 10% OF INVESTABLE FUNDS IN A SINGLE INVESTEE COMPANY
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.29,25,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
01-JUL-2025
|
|
| 71 |
|
|
IROHA INVESTMENT MANAGEMENT PVT.LTD.
(PAN:AAFCI2658Q)
(Along with : IROHA EMERGING INDIA FUND)
|
|
|
|
CHANDRASHEKAR SHEKAR
PAN:BMTPS0481H
|
|
|
JAIRAM JANARDHANAN
PAN:AMRPJ9564D
|
|
|
KIRTI CHOPRA
PAN:ADRPC8713G
|
|
|
NAVEEN LOHIYA
PAN:AHWPL2078C
|
|
ALLEGED FAILURE TO ENSURE PROPER CARE AND DUE DILIGENCE IN COMPLYING WITH CONCENTRATION NORMS AND SUBMITTED INACCURATE INFORMATION TO THE TRUSTEE IN COMPLIANCE TEST REPORT VIOLATING REGULATIONS 20(1), 20(5) AND CLAUSES 2(A) AND 2(C) OF CODE OF CONDUCT READ WITH REGULATION 15(1)(D)OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 IN MATTER OF IROHA EMERGING INDIA FUND
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.29,25,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
01-JUL-2025
|
|
| 72 |
|
|
KARVY CAPITAL ALTERNATIVE INVESTMENT TRUST
(PAN:AACTK1328H)
|
|
|
DID NOT SATISFY ‘FIT AND PROPER PERSON’ CRITERIA FOR GRANT OF REGISTRATION AS ALTERNATIVE INVESTMENT FUNDS VIOLATING REGULATIONS 4(F),7(1)(A) AND 35 OF SEBI (ALTERNATE INVESTMENT FUNDS) REGULATIONS, 2012 READ WITH REGULATION 9, CLAUSES 2, 3, 6 AND 7 OF SCHEDULE II OF SEBI (INTERMEDIARIES) REGULATIONS, 2008
|
CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND FROM 25-MAR-2025
25-MAR-2025
|
|
| 73 |
|
|
KCAP ALTERNATIVE INVESTMENT FUND
(PAN:AADTK7212M)
|
|
|
DID NOT SATISFY ‘FIT AND PROPER PERSON’ CRITERIA FOR GRANT OF REGISTRATION AS ALTERNATIVE INVESTMENT FUNDS VIOLATING REGULATIONS 4(F),7(1)(A) AND 35 OF SEBI (ALTERNATE INVESTMENT FUNDS) REGULATIONS, 2012 READ WITH REGULATION 9, CLAUSES 2, 3, 6 AND 7 OF SCHEDULE II OF SEBI (INTERMEDIARIES) REGULATIONS, 2008
|
CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND FROM 25-MAR-2025
25-MAR-2025
|
|
| 74 |
|
|
KELLYGAMMA ADVISORS LLP
(PAN:AAOFK7796F)
|
|
|
|
SHARVIL PARIKH
PAN:AMNPP9971C
|
|
INVESTED UN-INVESTED PORTION OF INVESTIBLE FUNDS IN LOW DURATION FUNDS INSTEAD OF LIQUID FUNDS
INVESTED MORE THAN 10% OF TOTAL INVESTIBLE FUNDS COLLECTED FROM INVESTORS IN A SINGLE INVESTEE COMPANY
DID NOT COMPUTE AND COMMUNICATE NAV TO INVESTORS
DID NOT FILE QUARTERLY REPORTS TO SEBI
SUBMITTED INCORRECT INFORMATION IN COMPLIANCE TEST REPORT (CTR)
|
IMPOSED PENALTY RS.1,00,000
28-FEB-2025
|
|
| 75 |
|
|
KELLYGAMMA FUND
(PAN:AACTK7280Q)
|
|
|
|
SHARVIL PARIKH
PAN:AMNPP9971C
|
|
INVESTED UN-INVESTED PORTION OF INVESTIBLE FUNDS IN LOW DURATION FUNDS INSTEAD OF LIQUID FUNDS
INVESTED MORE THAN 10% OF TOTAL INVESTIBLE FUNDS COLLECTED FROM INVESTORS IN A SINGLE INVESTEE COMPANY
DID NOT COMPUTE AND COMMUNICATE NAV TO INVESTORS
DID NOT FILE QUARTERLY REPORTS TO SEBI
SUBMITTED INCORRECT INFORMATION IN COMPLIANCE TEST REPORT (CTR)
|
IMPOSED PENALTY RS.5,00,000
28-FEB-2025
|
|
| 76 |
|
|
KOTAK ALTERNATE ASSET MANAGERS LTD.
(PAN:AAACK5933H)
|
|
|
|
GAURAV AGGARWAL
PAN:BHUPA5595E
|
|
|
PARAG SUKHIJA
PAN:DDDPS8579F
|
|
|
SHOBHIT MATHUR
PAN:ANRPM0696C
|
|
ALLEGED VIOLATION OF CONCENTRATION LIMIT OF 10% OF INVESTABLE FUNDS IN A SINGLE INVESTEE COMPANY
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.7,87,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
30-JAN-2024
|
|
| 77 |
|
|
KOTAK ALTERNATE ASSET MANAGERS LTD.
(PAN:AAACK5933H)
|
|
|
|
IMPOSED PENALTY RS.3,00,000 ALONG WITH OTHER ENTITIES/PERSONS
21-FEB-2024
|
SAT: SAT VIDE ITS ORDER DATED 25/04/2024ALLOWED SEBI THREE WEEKS TO FILE REPLY AND APPELLANTS TO FILE REJOINDER THREE WEEKS THEREAFTER
SAT: SAT VIDE ITS ORDER DATED 27/04/2026 DISMISSED THE APPEAL AS WITHDRAWN. NO COSTS
|
| 78 |
|
|
KOTAK ALTERNATE ASSETS FUND III
(PAN:AADTK5968J)
|
|
|
|
GAURAV AGGARWAL
PAN:BHUPA5595E
|
|
|
PARAG SUKHIJA
PAN:DDDPS8579F
|
|
|
SHOBHIT MATHUR
PAN:ANRPM0696C
|
|
ALLEGED VIOLATION OF CONCENTRATION LIMIT OF 10% OF INVESTABLE FUNDS IN A SINGLE INVESTEE COMPANY
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.7,87,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)
30-JAN-2024
|
|
| 79 |
|
|
KOTAK MAHINDRA TRUSTEESHIP SERVICES LTD.
(PAN:AABCK4227B)
|
|
|
|
IMPOSED PENALTY RS.3,00,000 ALONG WITH OTHER ENTITIES/PERSONS
21-FEB-2024
|
SAT: SAT VIDE ITS ORDER DATED 25/04/2024ALLOWED SEBI THREE WEEKS TO FILE REPLY AND APPELLANTS TO FILE REJOINDER THREE WEEKS THEREAFTER
SAT: SAT VIDE ITS ORDER DATED 27/04/2026 DISMISSED THE APPEAL AS WITHDRAWN. NO COSTS
|
| 80 |
|
|
KOTAK SEAF INDIA FUND
(PAN:AAATK8360K)
|
|
|
|
IMPOSED PENALTY RS.3,00,000 ALONG WITH OTHER ENTITIES/PERSONS
21-FEB-2024
|
SAT: SAT VIDE ITS ORDER DATED 25/04/2024ALLOWED SEBI THREE WEEKS TO FILE REPLY AND APPELLANTS TO FILE REJOINDER THREE WEEKS THEREAFTER
SAT: SAT VIDE ITS ORDER DATED 27/04/2026 DISMISSED THE APPEAL AS WITHDRAWN. NO COSTS
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
| |
|
|
| Page 4 of 7
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