HDFC AMC reaches settlement with Sebi in Essel Group matter
The seven entities, including CEO of HDFC AMC CEO Milind Barve, have settled the case by paying over Rs 4.2 crore towards settlement charges.
Other individuals are Compliance Officer Yezdi Khariwala, Chief Investment Officer and Executive Director Prashant Jain, Senior Fund Manager Anil Bamboli, and Senior Fund Manager and Head Credit Shobhit Mehrotra, as per the settlement order dated April 16.HDFC AMC had, on behalf of the mutual fund, invested in debt instruments of Essel Group of companies through various mutual fund schemes.
While proposing a settlement, the entities said there are no subsisting complaints by the unit holders with regard to this matter in respect of the various mutual fund schemes of HDFC AMC.They also submitted that HDFC AMC has already compensated the unit holders of the affected mutual fund schemes for Rs 4.46 crore.
"It was further proposed that, the settlement amount of Rs 4,20,46,420... would be paid out of the funds of HDFC AMC and that the liability would not be passed on to the unit holders," Sebi said in the order.The entities proposed to pay a little over Rs 4.2 crore to settle the matter. The regulator's high-powered advisory committee recommended the case for settlement. The settlement amount was remitted on March 21, 2020, the order said. SRS RVK
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