Finideas Growth Fund Settles Sebi Case for AIF Norms Violation

New Delhi, Apr 4 (PTI) Finideas Growth Fund and three others on Friday settled with markets regulator Sebi a case concerning breach of investment limit that led to flouting of Alternative Investment Fund (AIF) rules on payment of Rs 12.75 lakh.

The entities -- Finideas Growth Fund, its manager Finideas Investment Advisor, and key managerial personnel -- Govind Jhawar and Udipth Tale -- paid the amount and settled the alleged violations of the AIF norms, according to a settlement order.


In its order, Sebi observed Finideas Growth Fund, an AIF, breached the concentration limit of 10 per cent of net investable funds in a single investee company -- Indian Railway Finance Corporation Ltd-- from May 31, 2023, till July 31, 2023, resulting in the non-compliance of the AIF Regulations.

The applicants filed applications proposing to settle the enforcement proceedings that may be initiated against them for the violation of the AIF rules through a settlement order and remitted the settlement amount of Rs 12.75 lakh.

Accordingly, Sebi confirmed, "the specified proceedings in respect of which the notice was issued are hereby settled in respect of the applicants".