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SEBI recently issued an order where it disposed of the proceedings against Invesco Asset Management after receiving a settlement amount of Rs. 4,98,55,000 (4.99 crore). The regulator had alleged Invesco MF of violating several regulations after holding an inspection of their mutual fund and Portfolio Management Services (PMS) activities in October-November 2021.
Following this, the regulator had issued a show-cause notice to Invesco alleging that there was no clear segregation and Chinese wall between their MF and PMS activities. SEBI also alleged that Invesco had no adequate infrastructure and manpower available with the portfolio manager for effectively discharging the activities of a portfolio manager. There were alleged inter-scheme transfers between schemes of Invesco MF and PMS.
Invesco MF submitted 6 applications in October 2023, which proposed to settle proceedings without admitting or denying the allegations. After deliberations on the same from both parties, SEBI has now issued an order where the proceedings are disposed of after they received the settlement amount.
The regulator has clarified that it will not take any enforcement action against Invesco Asset Management for the alleged violations. This order has come into force with immediate effect.
