Mumbai: ICICI Prudential Asset Management Company and its chief executive have settled the case of violation of mutual fund regulations with market regulator Sebi over its investment in ICICI Securities IPO (initial public offering) by paying Rs 96.76 lakh as settlement fees.
The Securities and Exchange Board of India had initiated adjudication proceedings against the asset manager and its CEO. It had issued show-cause notice in this regard on July 13 alleging violations of mutual fund guidelines.
Subsequently, the fund house sought settlement of securities law violations through the consent mechanism.
Consent orders are similar to out of court settlement in the securities market.
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