Emerging India Focus Funds Settles FPI Violation Case with Rs 64.35 Lakh Payment

Mumbai, March 13 (Alayaran.com) - The Securities and Exchange Board of India (Sebi) has cleared the way for Emerging India Focus Funds to avoid further scrutiny after it settled a case related to alleged violations of foreign portfolio investor (FPI) rules.

As per sources, an inquiry was initiated by Sebi against the asset management firm following allegations made in the Hindenburg report. The regulatory body issued a show cause notice in February last year for alleged non-compliance with FPI Regulations and Intermediaries Regulations.

Emerging India Focus Funds has now agreed to pay Rs 64.35 lakh as settlement charges towards resolving the matter, without admitting or denying any wrongdoing. According to regulatory sources, this was done by filing an application with Sebi proposing a settlement arrangement to put an end to the proceedings initiated against it.