The regulator had initiated adjudication proceedings against Iyer and issued a show cause notice to him in April 2022 after finding a violation of mutual fund rules.
The Securities Appellate Tribunal (SAT) has stayed the penalty imposed by capital markets regulator Securities and Exchange Board of India (SEBI) on PGIM Asset Management Company in a case pertaining to flouting of mutual funds norms.
Securities and Exchange Board of India (SEBI) has imposed a penalty totalling Rs36 lakh on five entities including PGIM Asset Management Company and its chief executive officer Ajit Menon for flouting mutual funds norms while executing Inter-Scheme Transfers (ISTs).
In its order, Sebi noted that five entities did not adhere to the provisions of the mutual fund regulations while executing ISTs between open and close-ended schemes of PGIM MF.
India Business News: MUMBAI: Friday was a busy day for the bond and stock markets both with decisions by the Supreme Court and the RBI impacting investor sentiment.