Baring Private Equity India Investment Manager LLP has settled with markets regulator SEBI a case pertaining to alleged flouting of AIF rules.
This came after Baring Private Equity (noticee) proposed to settle the proceedings through a settlement order "without admitting or denying the findings."
In the settlement order passed on Monday, SEBI said, "The instant adjudication proceedings initiated against Baring Private Equity India Investment Manager LLP vide show cause notice dated on May 12, 2022 is disposed of."
The Securities and Exchange Board of India had initiated the adjudication proceedings for the alleged violation of Alternative Investment Fund norms.
Thereafter, the regulator issued a show cause notice to the noticee on May 12, 2022, for violating AIF rules.
Pending adjudication proceedings, the noticee filed a settlement application with SEBI to settle the case. The regulator recommended the settlement of instant proceedings upon payment of Rs 16.57 lakh.
After this, the company remitted the amount and settled the case with the capital markets watchdog.
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