Kotak Mahindra AMC gets relief from SAT; tribunal partly stays Sebi order

The Securities Appellate Tribunal (SAT) has partly stayed a Sebi order, which had directed Kotak Mahindra Asset Management Company to refund a part of the investment management and advisory fees collected by the fund house from the unit holders.

In addition, the tribunal has asked the Asset Management Company (AMC) to deposit a sum of ₹20 lakh within four weeks into an interest bearing account.

Sebi, in August, had asked the AMC to refund a part of the investment management and advisory fees collected from the unit holders of the six Fixed Maturity Plan (FMP) schemes with 15 per