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.
