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Securities market regulator SEBI has settled pending cases against erstwhile JP Morgan Asset Management, JP Morgan MF India Pvt Ltd and JP Morgan Mutual Fund for violations of mutual fund regulations dating back to 2010.
In the case, the AMC had launched the JPMorgan India Fixed Maturity Plan — Series 35 to 39 after the SEBI approval had expired, the offer document carried the incorrect scheme name and information while units allotted to investors were also named wrongly.
The AMC and its two other entities have settled the case with SEBI paying ₹2.75 crore in total and has voluntarily debarred itself from issuing new schemes for one year. In November, Edelweiss Mutual Fund acquired the assets of JP Morgan MF.
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