HSBC India AMC Settles SEBI
HSBC Asset Management (India) Pvt Ltd, along with four trustees, collectively paid Rs 23.92 lakh to the Securities and Exchange Board of India to settle a show-cause notice related to the improper utilization of funds between schemes within the mutual fund.
Jasmine Batliwala, Nani Javeri, T.C. Nair, and Ho Wai Fun were the trustees mentioned in the settlement order issued by the Securities and Exchange Board of India (Sebi) on Monday.
According to Sebi’s show-cause notice dated August 4, the asset management company, which serves as the investment manager of HSBC India Mutual Fund, lacked adequate controls to prevent the cross-utilization of funds between schemes within the mutual fund. This action was in contravention of the Mutual Fund Regulations, which prohibit the inter-scheme use of funds or securities within a mutual fund.
