INSUBCONTINENT EXCLUSIVE:
Mumbai: ICICI Prudential Asset Management Company and its chief executive have settled the case of violation of mutual fund regulations with
market regulator Sebi over its investment in ICICI Securities IPO (initial public offering) by paying Rs 96.76 lakh as settlement fees
The Securities and Exchange Board of India had initiated adjudication proceedings against the asset manager and its CEO
It had issued show-cause notice in this regard on July 13 alleging violations of mutual fund guidelines
Subsequently, the fund house sought settlement of securities law violations through the consent mechanism
Consent orders are similar to out of court settlement in the securities market
