The fact that the investors ultimately received their funds from the FMP’s investments, albeit with a delay, should not absolve the conduct of Kotak AMC.
The Securities and Exchange Board of India (SEBI) has imposed penalties totalling Rs1.6 crore on seven entities including Kotak Asset Management Company (AMC),
The case pertains to six FMP schemes that matured in April and May 2019, which held investments in debt securities issued by Edisons Utility Works Pvt Ltd and Konti Infrapower & Multiventures Pvt Ltd, belonging to the Essel Group.