Close Menu
Buzz NewsBuzz News
    Facebook X (Twitter) Instagram
    Trending
    • Prada Kolhapuri ‘scandal’: How the controversy sparked a big surge sales of this Indian sandal; centuries-old craft sees boost
    • RBI floating rates savings bonds: Interest rate at 8.5% for July-December 2025; here’s what you should know
    • What is Donald Trump’s net worth? Billionaire US President has a big portfolio of cryptocurrencies, stocks & more – top details
    • Whopping $82.3 billion cost? Donald Trump’s tariffs may hit US employers in a big way, says JPMorganChase Institute analysis
    • Kuwait’s e-permit exit rule: Expat workers need employer’s nod to fly out; how to obtain it?
    • IT sector Q1 results: Muted quarterly earnings likely for India’s IT giants as deal momentum slows; mid-tier players to shine
    • Oracle stock surges: Hits record high on $30 billion cloud deal; revenue to flow from FY28
    • New strategic oil reserves planned! India looks to boost emergency stockpile of petroleum; aims to strengthen energy security
    • HDB Financial Services share price today: HDFC Bank subsidiary becomes 8th most valuable NBFC; market cap at Rs 70,200 crore
    • Cheer for middle class soon? After income tax relief, GST rates may come down on household items, say reports
    Buzz NewsBuzz News
    Wednesday, July 2
    • Home
    • Cryptocurrency
    • Investment Tips
    • Finance
    • Home Insurance
    • Market News
    • Life Insurance
    Buzz NewsBuzz News
    Home»Investment Tips»Sebi slaps Rs 29 lakh fine on IAGF, trustee for AIF rules violation
    Investment Tips

    Sebi slaps Rs 29 lakh fine on IAGF, trustee for AIF rules violation

    BuzzNewsBy BuzzNewsJune 22, 2025No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Sebi slaps Rs 29 lakh fine on IAGF, trustee for AIF rules violation
    Share
    Facebook Twitter LinkedIn Pinterest Email Telegram WhatsApp Copy Link

    Sebi slaps Rs 29 lakh fine on IAGF, trustee for AIF rules violation

    Capital markets regulator Sebi has imposed penalties totalling Rs 29 lakh on six entities, including India Asset Growth Fund, its manager Essel Finance Advisors and Managers, and trustee Vistra ITCL (India) for multiple violations of AIF rules. The regulator levied a fine of Rs 11 lakh on IAGF, Rs 10 lakh on Arpan Sarkar and Jaykishan Kikani (jointly and severally), Rs 6 lakh on Vistra ITCL (India), and Rs 2 lakh on Essel Finance Advisors and Managers (EFAM), its Chief Executive Officer Vishnu Prakash Rathore (jointly and severally). The regulator, in a 39-page order, found the entities guilty of serious lapses in regulatory compliance during the inspection period from April 2021 to March 2022, Sebi said in the order on Friday. The markets watchdog observed that India Asset Growth Fund (IAGF) failed to disclose disciplinary actions and litigation history of its sponsor, manager, trustee, and key officials in its placement memorandum (PPM), as mandated under the norms. Later, the fund submitted a revised PPM containing such disclosures during a change of control application, which was neither approved nor circulated to investors, resulting in a breach of the disclosure framework of the code of conduct of the alternative investment fund (AIF) regulations. Sebi also pulled up the fund for providing valuations based on underlying assets instead of the securities it held, as well as for delayed registration with the Financial Intelligence Unit (FIU-IND), non-disclosure of the investor charter and distribution waterfall, and a 10-day delay in filing its PPM audit report. The regulator found that the fund took over a month to respond to an investor grievance, breaching the 30-day deadline. It noted that although the fund eventually completed the winding-up process and distributed proceeds to all investors by January 2024, the regulatory breaches were material. The regulator concluded that the violations had the potential to mislead investors, and disrupt regulatory oversight of AIFs. Sebi highlighted that EFAM being manager of IAGF is responsible for such non-compliances. It noted that Rathore, Sarkar and Kikani were the key managerial personnel who failed to abide by the code of conduct as per the rules. Therefore, the allegations against them stand established.

    AIF fine IAGF lakh rules Sebi slaps Trustee violation
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleAviation safety norms: DGCA revises flight rules for bad weather operations; pilots encouraged to prioritise safety over schedule
    Next Article Aviation oversight revamp: DGCA rolls out ‘360-degree’ special audits; multi-disciplinary teams to inspect airlines, airports, MROs
    BuzzNews
    • Website

    Related Posts

    Prada Kolhapuri ‘scandal’: How the controversy sparked a big surge sales of this Indian sandal; centuries-old craft sees boost

    July 2, 2025

    RBI floating rates savings bonds: Interest rate at 8.5% for July-December 2025; here’s what you should know

    July 2, 2025

    What is Donald Trump’s net worth? Billionaire US President has a big portfolio of cryptocurrencies, stocks & more – top details

    July 2, 2025

    Leave A Reply Cancel Reply

    Recent Posts

    Prada Kolhapuri ‘scandal’: How the controversy sparked a big surge sales of this Indian sandal; centuries-old craft sees boost

    July 2, 2025

    RBI floating rates savings bonds: Interest rate at 8.5% for July-December 2025; here’s what you should know

    July 2, 2025

    What is Donald Trump’s net worth? Billionaire US President has a big portfolio of cryptocurrencies, stocks & more – top details

    July 2, 2025

    Whopping $82.3 billion cost? Donald Trump’s tariffs may hit US employers in a big way, says JPMorganChase Institute analysis

    July 2, 2025

    Kuwait’s e-permit exit rule: Expat workers need employer’s nod to fly out; how to obtain it?

    July 2, 2025
    Our Picks

    Bitcoin Remains Above $60,000, Bittensor Becomes Top Gainer

    August 23, 2024

    Prospects For Cryptocurrency Development In South Asia

    August 23, 2024

    Trump announces The DeFiant Ones, a new cryptocurrency platform

    August 23, 2024

    Hackers use McDonald’s Instagram account to steal $700,000 in cryptocurrency scam

    August 22, 2024
    About

    Welcome to BuzzNews, your go-to source for the latest in insurance and finance news. Our mission is to provide you with accurate, timely, and insightful information to help you make informed decisions. From life insurance to personal finance, market news to investment tips, we cover a wide range of topics to keep you updated and knowledgeable.

    Popular Posts

    Prada Kolhapuri ‘scandal’: How the controversy sparked a big surge sales of this Indian sandal; centuries-old craft sees boost

    July 2, 2025

    RBI floating rates savings bonds: Interest rate at 8.5% for July-December 2025; here’s what you should know

    July 2, 2025

    What is Donald Trump’s net worth? Billionaire US President has a big portfolio of cryptocurrencies, stocks & more – top details

    July 2, 2025
    OUR CATEGOIRES
    • Cryptocurrency
    • Finance
    • Health Insurance
    • Home Insurance
    • Investment Tips
    • Life Insurance
    • Market News
    Copyright © 2024. BuzzNews. All Rights Reserved.
    • Sitemap
    • DMCA
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • About Us

    Type above and press Enter to search. Press Esc to cancel.