SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 27-AUG-2026

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

COMPANIES: VIOLATED SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

IDBI TRUSTEESHIP SERVICES LTD.

(PAN:AAACI8912J)

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

IDBI TRUSTEESHIP SERVICES LTD.

(PAN:AAACI8912J)

DID NOT ENSURE PROPER CARE AND EXERCISE DUE DILIGENCE AND INDEPENDENT PROFESSIONAL JUDGMENT IN CARRYING OUT ITS ROLES VIOLATING CLAUSE 3(D) OF CODE OF CONDUCT READ WITH REGULATIONS 20(1) AND 20(2) OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 IN MATTER OF INDIA INFRASTRUCTURE FUND II

WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET

DIRECTED TO MODIFY TERMS OF ITS TRUST DEED WHICH ARE INCONSISTENT WITH PROVISIONS OF ALTERNATE INVESTMENT FUNDS REGULATIONS AND CIRCULARS ISSUED THEREUNDER AND SUBMIT DULY MODIFIED TRUST DEED TO SEBI, ALTERNATIVE INVESTMENT FUND AND FOREIGN PORTFOLIO INVESTORS DEPARTMENT

31-MAY-2023

INDGROWTH CAPITAL ADVISORS LLP

EXCEEDED LIMIT OF 10% BY INVESTING INR 44.99 CRORE OF ITS INVESTABLE FUNDS I.E. MORE THAN INR 43.41 CRORE IN URGO CAPITAL AND REPORTED INCORRECT AMOUNT OF INVESTABLE FUND TO SEBI VIOLATING REGULATION 15(1)(D) READ WITH REGULATION 20(5) AND 24(B) OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 READ WITH SEBI CIRCULAR NO.CIR/MD/DF/10/2013 DATED 29/07/2013 READ WITH SEBI CIRCULAR NO SEBI/HO/IMD/DF1/CIR/P/2017/87 DATED 31/07/2017 IN MATTER OF INDGROWTH CAPITAL FUND I

IMPOSED PENALTY RS.10,00,000

27-JUN-2022

INDIA AGRICULTURE TRUST

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

04-JUN-2026

INDIA ASSET GROWTH FUND

(PAN:AADTA8272H)

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ARPAN SARKAR

PAN:BLMPS9641B

JAYKISHAN KIKANI

PAN:CCDPK1654H

VISHNU PRAKASH RATHORE

PAN:AIIPR6196C

DID NOT WIND UP THE SCHEME EVEN AFTER COMPLETION OF EXTENDED TENURE AND CONTINUING THE SCHEME BEYOND PERMISSIBLE EXTENSIONS OF TWO YEARS

DID NOT MAKE DISCLOSURE OF PENDING MATTER WITH INCOME TAX DEPARTMENT

DID NOT MAKE DISCLOSURE OF DISCIPLINARY ACTION HISTORY AGAINST TRUSTEE OF THE FUND

PROVIDED VALUATION OF ASSETS INSTEAD OF SECURITIES HELD BY FUND

DID NOT OBTAIN REGISTRATION FROM FIU-IND

DID NOT COMMUNICATE DETAILS OF PRINCIPAL OFFICER AND DESIGNATED DIRECTOR

DID NOT MAKE DISCLOSURE OF INVESTOR CHARTER TO INVESTORS

DELAY IN FILING PRIVATE PLACEMENT MEMORANDUM (PPM) AUDIT REPORT

DID NOT ENSURE THAT PRIVATE PLACEMENT MEMORANDUM WAS IN SPECIFIED FORMAT

DID NOT MAKE DISCLOSURE OF DISTRIBUTION WATERFALL

DELAY IN APPOINTMENT OF BENCHMARKING AGENCY

DID NOT PROVIDE NECESSARY INFORMATION TO BENCHMARKING

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

IMPOSED PENALTY RS.11,00,000

20-JUN-2025

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER.

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 ALLOWED EXEMPTION APPLICATION

SAT: SAT VIDE ITS ORDER DATED 18/08/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, BE FILED WITHIN TWO WEEKS THEREAFTER. STAYED RECOVERY SUBJECT TO DEPOSIT OF 50% PENALTY AMOUNT WITHIN TWO WEEKS FROM DATE OF THIS ORDER

INDIA ASSET GROWTH FUND II

(PAN:AAFTA1518A)

DID NOT ENSURE DRAWDOWN OF FULL COMMITTED AMOUNT FROM INVESTORS AND DID NOT TAKE ANY ACTION AGAINST SELECTED CLASS OF INVESTORS INCLUDING SPONSOR AND MANAGER AS PER PRIVATE PLACEMENT MEMORANDUM RESULT

INVESTED MORE THAN 25% OF INVESTIBLE FUNDS IN A SINGLE INVESTEE COMPANY

PROVIDED VALUATION OF ASSETS INSTEAD OF SECURITIES HELD BY FUND

DID NOT OBTAIN REGISTRATION FROM FIU-IND

DID NOT COMMUNICATE DETAILS OF PRINCIPAL OFFICER AND DESIGNATED DIRECTOR

DID NOT MAKE DISCLOSURE OF INVESTOR CHARTER TO INVESTORS

DELAY IN SUBMITTING PRIVATE PLACEMENT MEMORANDUM REPORT TO SEBI

DID NOT ENSURE THAT PRIVATE PLACEMENT MEMORANDUM WAS IN SPECIFIED FORMAT

DID NOT MAKE DISCLOSURE OF DISTRIBUTION WATERFALL

DELAY IN APPOINTMENT OF BENCHMARKING AGENCY

DID NOT PROVIDE NECESSARY INFORMATION TO BENCHMARKING

IMPOSED PENALTY RS.12,00,000

03-JUL-2025

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER.

SAT: SAT: SAT VIDE ITS ORDER DATED 04/08/2025 ALLOWED EXEMPTION APPLICATION

SAT: SAT VIDE ITS ORDER DATED 18/08/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, BE FILED WITHIN TWO WEEKS THEREAFTER. STAYED RECOVERY SUBJECT TO DEPOSIT OF 50% PENALTY AMOUNT WITHIN TWO WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 17/03/2026 PARTLY ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDERS DATED 20/06/2025 AND 03/07/2025. NO COSTS

INDIA ELECTRONIC DEVELOPMENT FUND

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

15-MAY-2026

INDIA INFRASTRUCTURE FUND II

(PAN:AABTI0624H)

PLEDGED SECURITIES OF PORTFOLIO COMPANIES FOR LOANS AVAILED OF BY PORTFOLIO COMPANIES ENGAGED IN LEVERAGE VIOLATING REGULATIONS 16(1)(C) OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 IN MATTER OF INDIA INFRASTRUCTURE FUND II

DID NOT OPERATE AND MANAGE IN THE INTEREST OF INVESTORS VIOLATING CLAUSE 1(B) OF CODE OF CONDUCT READ WITH REGULATION 20(1) OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 IN MATTER OF INDIA INFRASTRUCTURE FUND II

INDIA QUOTIENT ADVISERS LLP

(PAN:AADFI8263Q)

DID NOT MAINTAIN CONTINUING INTEREST OF SPONSOR OF RS.2.5 CRORE IN IQ OPPORTUNITIES FUND

DID NOT OBTAIN PRIOR APPROVAL FROM 75% OF INVESTORS BEFORE MAKING INVESTMENTS IN ASSOCIATE FCL

IMPOSED PENALTY RS.2,50,000

28-DEC-2022

INDIABULLS AIF

(Along with : INDIABULLS REAL ESTATE FUND,

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

INDIABULLS ASSET MANAGEMENT CO.LTD.

(PAN:AABCI9149Q)

(Along with : INDIABULLS AIF,

INDIABULLS REAL ESTATE FUND,

INDIABULLS DUAL ADVANTAGE REAL ASSET FUND)

AMBAR MAHESHWARI

PAN:ACGPM4843F

AMIT JAIN

PAN:AEZPJ4052Q

PARTH MURIA

PAN:AYPPM1958C

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,43,32,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

17-SEP-2025

INDIABULLS DUAL ADVANTAGE REAL ASSET FUND

(PAN:AABTI6928A)

(Along with : INDIABULLS AIF,

INDIABULLS REAL ESTATE FUND,

INDIABULLS ASSET MANAGEMENT CO.LTD.)

AMBAR MAHESHWARI

PAN:ACGPM4843F

AMIT JAIN

PAN:AEZPJ4052Q

PARTH MURIA

PAN:AYPPM1958C

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,43,32,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

17-SEP-2025

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

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,43,32,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

17-SEP-2025

INDOSTAR CREDIT FUND

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

22-MAY-2026

INVESTCORP INDIA ASSET MANAGERS PVT.LTD.

(PAN:AAFCI0227D)

AJAY KUMAR

PAN:APLPK8439D

GAURAV SHARMA

PAN:AYZPS1019G

NIRAJ SIRSALEWAL

PAN:AAJPS5097A

RITESH VOHRA

PAN:ABBPV4200D