IDBI AMC, IDBI MF Trustee Company settle BILT case for over Rs 90 lakh

Sebi had initiated inspection after finding BILT subsidiary's default

IDBI Asset Management Company (AMC) and IDBI MF Trustee Company have settled a case related to its schemes’ debt investments in Bilt Graphic Paper Products (BGPPL) by paying Rs 90.47 lakh towards settlement charges.

The matter pertains to alleged violations related to the fund house scheme’s investments in commercial papers of BGPPL -- a subsidiary of Ballarpur Industries (BILT).

In February, 2017, India Ratings downgraded the rating of BILT, which impacted schemes of Taurus Mutual Fund (MF). Following this, Sebi had sought information from fund houses on their exposures to BILT.

IDBI AMC informed Sebi that it didn’t had any