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MF News ICICI AMC settles case with SEBI regarding investment in ICICI Securities IPO

ICICI AMC settles case with SEBI regarding investment in ICICI Securities IPO

The fund house paid Rs. 89.96 lakh while the CEO Nimesh Shah paid Rs. 6.8 lakh.
Team Cafemutual Nov 30, 2018

ICICI AMC and Nimesh Shah together paid sum of Rs. 96.76 lakh to settle the probe initiated by SEBI over its investment in IPO of ICICI securities. 

ICICI AMC came under the scanner of SEBI over its alleged violations of multiple mutual fund guidelines while investing in the IPO of its sister company ICICI Securities. The regulator initiated proceedings against the AMC and its MD & CEO Nimesh Shah and issued a show cause notice to the AMC on July 13.

On November 29, ICICI AMC sought settlement of securities law violations through the consent mechanism. Consent order is akin to out of court settlement in securities market. Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.

 

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2 Comments
Narayan Kini · 3 months ago
Just pay penalty ....... u neither accept nor deny your guilt ???
I always thought integrity is priceless. Recently quoted price is Rs 96.76 lacs !!!
rajesh · 3 months ago
Looks like Nimesh Shah is following the same path on which his X Boss Chanda Kochhar was running
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