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Mumbai: ICICI Prudential Asset Management and its Director Settled the Mutual Fund Regulation Violation Case with Sebi Market Regulator for its Investment in the ICICI Securities IPO by Paying 96 , 76 lakh settlement indemnity.
The Securities and Exchange Board of India initiated arbitration proceedings against the badet manager and its chief executive officer. On July 13, it issued a Notice of Justification in this regard, alleging violations of the mutual fund guidelines.
Subsequently, the financial management company sought the settlement of violations of the securities law through the consent mechanism.
Consent orders are similar to out of court settlements in the securities market.
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