More than 6 foreign portfolio comp.es (FPIs), which had invested heavily in Ad. Group comp.es in the past by violating regulatory provisions, are now looking to settle with the Securities and Exchange Board of India (SEBI) for these violations, the cases Sources related to said. Sources also said that these foreign funds have shown readiness to pay fine for violating this rule.
SEBI has alleged that the FPIs concerned have invested more than the prescribed limits in Ad. group comp.es during certain periods in the past and have not provided details of who is the ultimate beneficial owner of these foreign funds. The FPIs that are looking to dispose in this manner include Albula Investment Fund, Cresta Fund, MCG Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, Elara India Opportunities Fund, Vespera Fund and LTS Investment Fund. These eight foreign funds made a total of 16 settlement applications before SEBI.
Was filed. Besides, some funds have violated rules while initiating the process of filing settlement applications, sources said.
SEBI has issued show cause notices to these funds and a settlement application has been filed in this regard. According to experts, SEBI has the power to approve or reject the settlement application in case of funding violations once it is filed.
