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SOURCE OF INFORMATION

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 : 03-JUL-2025

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.

MUTUAL FUNDS: IMPOSED PENALTY

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BIRLA SUN LIFE MUTUAL FUND  
  DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING AS REQUIRED UNDER REGULATIONS 7(1) AND 7(2) OF SEBI TAKEOVER CODE, 1997 IN MATTER OF SUBEX SYSTEMS LTD.   IMPOSED PENALTY RS.75,000

25-MAY-2005 		 
2
History of entity/person CANBANK MUTUAL FUND  
  VIOLATED REGULATIONS 29(2) AND 29(4) OF SEBI (MUTUAL FUNDS) REGULATIONS   IMPOSED PENALTY RS.3,00,000

10-NOV-2000 		SAT: APPEAL DISMISSED  
3
History of entity/person ESCORTS MUTUAL FUND  
  FAILED TO SUBMIT ANNUAL REPORT TO SEBI WITHIN STIPULATED TIME   IMPOSED PENALTY RS.52,000

25-JUN-2001 		SAT: APPEAL ALLOWED  
4
History of entity/person FRANKLIN TEMPLETON MUTUAL FUND

(PAN:AAATT4931H)  
  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 		 
5
History of entity/person JM FINANCIAL MUTUAL FUND  
  DID NOT EXERCISE DUE DILIGENCE   IMPOSED PENALTY RS.5,00,000

31-AUG-2004 		SAT: IMPUGNED ORDER SET ASIDE  
6
History of entity/person KOTAK MAHINDRA MUTUAL FUND  
  DID NOT GIVE THE REQUIRED 21 DAYS PRIOR NOTICE TO BOARD AND INVESTORS   IMPOSED PENALTY RS.50,000

26-FEB-2003 		SAT: APPEAL ALLOWED  
7
History of entity/person MORGAN STANLEY MUTUAL FUND  
  DID NOT ADHERE TO STATED INVESTMENT POLICY/DIRECTIVES/INSTRUCTIONS/GUIDELINES OF THE EXCHANGE   IMPOSED PENALTY RS.2,00,000

02-JUN-1997 		 
8
History of entity/person SHRIRAM MUTUAL FUND  
  VIOLATED REGULATIONS 53(B) AND 44(1) OF SEBI (MUTUAL FUNDS) REGULATIONS   IMPOSED PENALTY RS.5,00,000

09-OCT-2000 		SAT: IMPUGNED ORDER MODIFIED BY REDUCING PENALTY AMOUNT TO RS.2,50,000 FROM RS.5,00,000  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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