Emerging India Focus Funds settles FPIs violation case with Sebi; pays Rs 64.35 lakh

Emerging India Focus Funds on Monday settled a case concerning the alleged violations of Foreign Portfolio Investor (FPI) rules with markets regulator Sebi on payment of Rs 64.35 lakh towards settlement charges.

This came after the applicant filed an application with Sebi proposing to settle the proceedings initiated against it, "without admitting or denying the findings of facts and conclusions of law" through a settlement order.

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against the applicant and issued a showcause notice in February for the alleged violations of FPI Regulations and Intermediaries Regulations.

Pending adjudication proceedings, Emerging India Focus Funds filed an application with Sebi and shelled out Rs 64.35 lakh on November 13 to settle the alleged violations.

"In view of the acceptance of the settlement terms and the receipt of settlement amount ...By Sebi, the instant adjudication proceedings initiated against applicant vide SCN (showcause notice) dated February 29, 2024, is disposed of," Sebi said in its order.