Listen to this article
L&T MF (now acquired by HSBC MF) and four key employees have collectively paid Rs. 1.16 crore to SEBI for settling the alleged irregularities in inter scheme transfers between April 1, 2017 and June 30, 2018.
While the fund house paid Rs. 57.04 lakh, each of the four employees paid Rs. 14.63 lakh respectively.
SEBI observed that the fund house and the key employees allegedly failed to avoid conflicts of interest and failed to render at all times high standards of service, due diligence and professional judgement.
“Pending adjudication proceedings, the applicants proposed to settle the instant proceedings initiated against them, without admitting or denying the findings of fact and conclusions of law, and filed settlement applications with SEBI”, said the regulator in its order.
