
Sebi slaps Rs 29 lakh fine on IAGF, trustee for AIF rules violation
The regulator levied a fine of Rs 11 lakh on IAGF, Rs 10 lakh on Arpan Sarkar and Jaykishan Kikani (jointly and severally), Rs 6 lakh on Vistra ITCL (India), and Rs 2 lakh on Essel Finance Advisors and Managers (EFAM), its Chief Executive Officer Vishnu Prakash Rathore (jointly and severally).
The regulator, in a 39-page order, found the entities guilty of serious lapses in regulatory compliance during the inspection period from April 2021 to March 2022, Sebi said in the order on Friday.
The markets watchdog observed that India Asset Growth Fund (IAGF) failed to disclose disciplinary actions and litigation history of its sponsor, manager, trustee, and key officials in its placement memorandum (PPM), as mandated under the norms.
Later, the fund submitted a revised PPM containing such disclosures during a change of control application, which was neither approved nor circulated to investors, resulting in a breach of the disclosure framework of the code of conduct of the alternative investment fund (AIF) regulations.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Trading CFD dengan Teknologi dan Kecepatan Lebih Baik
IC Markets
Mendaftar
Undo
Sebi also pulled up the fund for providing valuations based on underlying assets instead of the securities it held, as well as for delayed registration with the Financial Intelligence Unit (FIU-IND), non-disclosure of the investor charter and distribution waterfall, and a 10-day delay in filing its PPM audit report.
The regulator found that the fund took over a month to respond to an investor grievance, breaching the 30-day deadline.
It noted that although the fund eventually completed the winding-up process and distributed proceeds to all investors by January 2024, the regulatory breaches were material.
The regulator concluded that the violations had the potential to mislead investors, and disrupt regulatory oversight of AIFs.
Sebi highlighted that EFAM being manager of IAGF is responsible for such non-compliances. It noted that Rathore, Sarkar and Kikani were the key managerial personnel who failed to abide by the code of conduct as per the rules. Therefore, the allegations against them stand established.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Hans India
25 minutes ago
- Hans India
Centre approves Aqua Line extension to Bodaki MMTH, project to be completed in 3 years
Noida: In a major boost for urban connectivity in the NCR region, the Central government has approved the extension of the Noida Metro's Aqua Line from Depot Station to the upcoming Multimodal Transport Hub (MMTH) at Bodaki. The project is slated to be completed in three years. The Detailed Project Report (DPR) for the extension was earlier cleared by the Uttar Pradesh Cabinet. With the Centre's nod, the Noida Metro Rail Corporation (NMRC) will now proceed with construction. The proposed 2.6 km extension will include three stations -- the existing Depot Station, and two new stations at Junpat Village and Bodaki. The Bodaki MMTH is being developed as a major transit hub, integrating an interstate bus terminal (ISBT), railway station, and local bus stand -- aimed at strengthening multi-modal connectivity across the region. The project will use standard gauge (1,435 mm) tracks and a 25 kV AC overhead traction system, supported by SCADA controls. A topographical survey has already been completed, and geotechnical investigations are underway. The total cost of the project is estimated at Rs 416.34 crore. It will be implemented by the NMRC through a Special Purpose Vehicle (SPV) structure. The funding model includes 20 per cent contribution from the Central government (Rs 70.59 crore); 24 per cent from the UP government (Rs 91.08 crore); 60 per cent from domestic loans/NCR Planning Board (Rs 211.80 crore); PPP and land components (Rs 10.44 crore + land cost). The revised DPR for the Aqua Line extension from Sector-51 (Noida) to Knowledge Park V (Greater Noida) was approved by the UP government on November 29 last year and later forwarded to the Centre. It was presented in the 94th meeting of the Network Planning Group (NPG) and has received in-principle approval. It will now proceed to the Public Investment Board (PIB) for final clearance. Another DPR -- for a new corridor between Sector-142 and Botanical Garden in Noida -- was approved by the state government on June 28, 2024, and sent to the Union Ministry of Housing and Urban Affairs on July 2. It was reviewed in the 90th NPG meeting and has also received an in-principle recommendation.


India Today
25 minutes ago
- India Today
Realme 15 Pro launched: Top specs, key features, price in India, and everything else to know
Realme has officially launched the Realme 15 Pro in India, alongside the standard Realme 15. The company is focusing on a combination of sleek design, powerful AI features, and a massive battery. What makes the Realme 15 Pro stand out is its ability to pack a 7,000mAh battery into a slim 7.69mm frame, which is uncommon in smartphones today. The phone will be available in three colour options: Velvet Green, Silk Purple, and Flowing Silver. The open sales start on July 30 at 12 PM IST. Here is everything you need to know. advertisement Read More Realme 15 series: India prices, sale offers The Realme 15 Pro is available in multiple variants. The 8GB RAM + 128GB storage model is priced at Rs 28,999, whereas the 8GB RAM + 256GB storage model will cost you Rs 30,999. The 12GB RAM + 256GB storage will go on sale at Rs 32,999. These prices already factor in a launch offer of Rs 3,000 off through select bank cards. Realme 15: Top specs -Display: It features a 6.8-inch curved AMOLED panel with 144Hz refresh rate and 6,500nits peak brightness. -Chipset: It is powered by a Snapdragon 7 Gen 4 chipset. -Rear camera: One will see two 50-megapixel sensors at the back. -Front camera: There is a 50-megapixel camera with 4K 60fps video support. -Battery: It has a 7,000mAh battery under the hood with 80W fast charging. Realme 15: Key features advertisement The Realme 15 Pro is among the slimmest phones to feature a 7,000mAh battery, made possible through a new graphite-based single-cell battery tech. This allows higher energy density and more efficient power management, while keeping the weight to 187 grams. The company claims up to 83 hours of music playback or 22 hours of video streaming on a full charge. On the software front, Realme is pushing AI-driven features like AI Edit Genie, which allows voice-guided photo editing, and MagicGlow 2.0 to brighten low-light photos without loss in detail. AI also improves gaming with smarter frame rate management and cooling efficiency. The Realme 15 Pro also comes with IP69 water and dust resistance and Gorilla Glass protection. Despite the high-end specs and battery capacity, the design remains slim and lightweight, something Realme is heavily promoting. It is also the first phone in India to feature Qualcomm's Snapdragon 7 Gen 4 chipset, which can offer performance close to Snapdragon 8s Gen 3. - Ends Published By: Ankita Garg Published On: Jul 24, 2025

Hindustan Times
an hour ago
- Hindustan Times
Trump says countries will face tariffs ranging from 15% to 50%
US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. US President Donald Trump at the Oval Office on July 22, 2025. (REUTERS/Kent Nishimura)(REUTERS) 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreements before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said.