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BOI Axa Mutual Fund, its ex CEO, ex CEO’s wife, ex CEO’s daughter, Chief Compliance Officer and its fund manager have collectively paid Rs.3.92 crore to SEBI to settle a case on alleged irregularities in inter scheme transfer (IST) in 2019.
SEBI found that the fund house allegedly executed IST which resulted in transfer of high-risk securities to low and medium risk funds, which was not in line with the objective of receiver schemes.
The market regulator has also found that ex CEO, CEO’s wife and CEO’s daughter allegedly took advantage of this information by redeeming their money from the scheme. The CEO and his family collectively paid Rs.1.71 crore to settle the case for this alleged violation.
While the fund house has paid Rs.1.36 crore to settle this case, chief compliance officer and fund manager paid Rs.93.60 lakh and Rs.45.50 lakh, respectively.
