SBI Mutual Fund has settled its proceedings with SEBI by paying Rs.14.05 crore for settlement and Rs.62.04 lakh towards investor protection and education fund of SEBI.
Earlier in May 28, SEBI has issued a showcause notice to the fund house.
In fact, SEBI had constituted the High Powered Advisory Committee (HPAC to give recommendations on settlement terms with SBI Mutual Fund.
SEBI said that SBI Mutual Fund filed a settlement application in terms of SEBI without admitting or denying the findings of fact and conclusion of law. Instead, the fund house has proposed SEBI to settle the proceedings.
The market regulator has clarified that they will not initiate any enforcement action against the fund house for alleged defaults.
