SEBI Accepts Rs 19.5 Lakh Settlement In Regulatory Norm Violation Case; Details Inside
"...in terms of the settlement regulations, it is hereby ordered that the proceedings initiated against the applicant (Meenal Baheti) vide SCN dated January 20, 2025, is disposed of," Sebi said
An individual on Wednesday settled with capital markets regulator Sebi for allegedly violating regulatory norms by paying Rs 19.5 lakh.
The order came after the regulator received a settlement application proposed to settle the instant proceedings initiated against her (Meenal Baheti) without "admitting or denying the findings of facts and conclusions of law".
"...in terms of the settlement regulations, it is hereby ordered that the proceedings initiated against the applicant (Meenal Baheti) vide SCN dated January 20, 2025, is disposed of," Sebi said in the order.
The Securities and Exchange Board of India (Sebi) had conducted a detailed examination/ inspection covering governance-related aspects of Axis Mutual Fund (MF) through a forensic audit for the period April 2020 to September 2022.
During her tenure, Baheti, as a key managerial personnel at the Axis AMC, had recommended shares/ scrips/ stocks to certain relatives, which led to suspiciously similar trades being executed by them in scrips actively traded by Axis Mutual Fund.
She had joined Axis Asset Management Company (AMC) in June 2021, and had access to trade data for trades of respective schemes of Axis MF, including on a live basis for the period from May-August 2022.
As per Sebi's norms, "No employee shall pass on information to anybody inducing him to buy/sell securities which are being bought and/or sold by the Mutual Fund of which the AMC is the investment manager." Accordingly, the market watchdog alleged that the applicant flouted the market norms.
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Pursuant to examination, Sebi issued a show cause notice (SCN) on January 20, 2025, to Meenal Baheti.
Subsequently, Meenal Baheti paid the settlement amount of Rs 19.5 lakh, which was confirmed by the regulator and settled the matter with Sebi.
(This report has been published as part of the auto generated syndicate wire feed.Apart from the headline,no editing has been done in the copy by ABP Live.)
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