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Unifi Capital AIF has paid Rs.38 lakh to SEBI for settling a case of violation of AIF norms.
The company runs Category III AIF in which it allegedly invested in simple products like large cap mutual funds. According to SEBI norms, AIFs have to invest in listed or unlisted companies or complex structured products.
SEBI also alleged the AIF company that it did not disclose the level of leverage arising out of exposure to derivatives and futures contracts. Further, the company allegedly delayed implementation of SEBI Complaints Redress System (SCORES) guidelines.
Earlier, Unifi Capital had applied for MF license with SEBI.
