Edelweiss Asset's former manager settles MF rule violation case with Sebi

A former fund manager of Edelweiss Asset Management has settled a case pertaining to alleged violations of mutual fund rules with markets regulator Sebi following a payment of Rs 19.5 lakh towards settlement charges.

Abhishek Gupta allegedly failed to ensure that the funds of the schemes were invested to achieve the objectives of the scheme and by doing so he allegedly violated mutual fund rules.

The order came after Gupta filed an application with Sebi proposing to settle the alleged violations "without admitting or denying of the findings of fact and conclusions of law" through a settlement order.

"In view of the receipt of settlement amount by Sebi, the instant adjudication proceedings initiated against the noticee viz, Abhishek Gupta vide ShowCause Notice... dated January 4, 2024, are hereby disposed of," the regulator said in its settlement order.

The Securities and Exchange Board of India (Sebi) received Rs 19.5 lakh from Gupta on October 17, towards the settlement amount.