Axis AMC, Axis MF Trustee settle case with Sebi

Axis Asset Management Company (Axis AMC) and Axis Mutual Fund Trustee connected Tuesday settled with markets regulator Sebi a lawsuit related to an alleged usurpation of communal money norms by paying Rs 16.57 lakh. Axis AMC is the concern manager of Axis Mutual Fund.

The SCN was issued to Applicant 1 (Axis AMC) arsenic it has incurred the excess expenses of the communal money scheme, thereby allegedly violating the Sebi rules, whereas Axis Mutual Fund Trustee (applicant 2) by not ensuring the compliance of Applicant 1 with the Mutual Fund regulations, Sebi said successful the order.

The bid came aft the applicants projected to settee the instant proceedings initiated against them, without "admitting oregon denying the findings of facts and conclusions of law".

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against the Axis AMC for the alleged usurpation of Sebi rules and against the Axis Mutual Fund Trustee Ltd for the alleged usurpation of Mutual Funds rules.

Thereafter, the markets watchdog issued a amusement origin announcement connected March 22, 2024, to the applicants for the alleged violations.

"In presumption of the acceptance of the colony presumption and the receipt of the colony magnitude by Sebi, the instant adjudication proceedings initiated against the applicant vide SCN dated March 22, 2024, is disposed of successful presumption of the colony regulations," Sebi's adjudicating serviceman Barnali Mukherjee said successful the order.

Axis AMC and Axis Mutual Fund Trustee applied to settee the proceedings that whitethorn beryllium initiated against it for allegedly violating the marketplace norms.

Pursuant to the receipt of the colony application, the applicants projected revised colony terms, wherein they volition wage collectively Rs 16.57 lakh arsenic the colony amount.

The revised presumption projected by the applicants were cleared by the Sebi's High Powered Advisory Committee (HPAC), which recommended the substance beryllium settled.

After remitting the colony interest of Rs 16.57 lakh, Axis AMC and Axis Mutual Fund Trustee settled the lawsuit with Sebi.