Capital market regulator SEBI has closed the case against Invesco Asset Management Company and five of its officials by accepting their settlement application to pay ₹4.98 crore.
In 2021, SEBI had conducted inspection on the mutual fund and portfolio management services (PMS) of Invesco AMC India and found that there were no clear segregation of activities, and Chinese wall between PMS and MF activities.
Investments were also shifted between the two business and the key managerial personnel failed to make investments to achieve the stated benefit of investors.
In August 2023, SEBI issued show-cause notice against Invesco AMC, Saurabh Nanavati (CEO), fund managers Sujoy Das, Nitish Sikand, Krishna Cheemalapati and Suresh Jakhotiya (director compliance) on the violation after a series of meeting with Invesco.
Last October, the regulator received response to the notice and intent to settle the case through a consent application, which provides an opportunity for the offenders to settle the case by paying a penalty without accepting or denying the allegations made against them.
In January, they filed an application to settle the case by paying a penalty of ₹4.98 crore, which was accepted by SEBI at its meeting in February. Invesco and its officials deposited the money this month and SEBI passed the settlement order on Wednesday.