ICICI Prudential MF, it's chief Nimesh Shah settle IPO case with Sebi

ICICI Prudential Asset Management, its chief Nimesh Shah Thursday settled a Sebi probe into alleged violation of mutual fund norms over their investments in IPO of the fund house's sister concern ICICI Securities.

The fund house has paid Rs 8.9 million, while Shah has remitted Rs 680,000 towards settlement fees, Sebi said in an order, under which an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.

"The pending adjudication proceedings initiated against applicants...in respect of the... alleged violations against the applicants namely; ICICI Prudential Asset Management Company and Nimesh Shah, are disposed of," the regulator said.