ICICI Prudential MF, MD & CEO Nimesh Shah settle IPO case with Sebi

Last-day bid in ICICI Securities' public offering was seen as a move to ensure IPO does not fail

The adjudication proceedings conducted by the Securities and Exchange Board of India (Sebi) into ICICI Prudential MF’s alleged violations of Sebi’s code of conduct was settled on Thursday. 

The regulator said it had accepted payment of Rs 8.9 million made by the fund house, and another Rs 680,000 by its Managing Director and Chief Executive Officer Nimesh Shah as part of the settlement terms.  

ICICI Prudential MF had bid twice in the ICICI Securities IPO that had hit the capital market earlier in March. 

The allegation levelled against the fund house was that the last-day bid made by the fund house was to