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

The fund house has paid Rs 8.9 million, while Shah has remitted Rs 680,000 towards settlement fees

Press Trust of India  |  New Delhi 

ICICI Securities
Photo: Kamlesh Pednekar

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

The fund house has paid Rs 8.9 million, while Shah has remitted Rs 680,000 towards settlement fees, 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; Company and Nimesh Shah, are disposed of," the regulator said.

First Published: Thu, November 29 2018. 18:20 IST
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