L&T Investment Management Ltd and four individuals have settled with SEBI a case related to alleged lapses with regard to inter-scheme transfer of L&T Mutual Funds.The five entities, including the four individuals -- Kailash Kulkarni, Shriram Ramanathan, Vikas Garg and Jalpan Shah -- have together paid more than Rs 1.15 crore as settlement charges to the markets regulator.
SEBI had examined the inter-scheme transfers of L&T Mutual Fund for the period from April 1, 2017 to June 30, 2018. The regulator found that there were failures by L&T Investment Management and the four individuals, according to a settlement order issued on Friday. Pending adjudication proceedings in the matter, the entities proposed to settle the matter without admitting or denying the findings of fact and conclusions of law.
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The adjudication proceedings were initiated on June 14, 2022. The settlement applications were filed before SEBI on August 12, 2022 and the High Powered Advisory Committee of the regulator on December 27, 2022 recommended that the case be settled upon payment of the settlement charges. After the entities paid the respective amounts that totalled Rs 1,15,53,750, Sebi issued the settlement order.
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