The Sebi fined Edelweiss AMC, CEO, and CIO Rs 16 lakh, due to violation of provisions
On Friday, Edelweiss Asset Management Company, its CEO Radhika Gupta, and fund (EFEF) manager Trideep Bhattacharya were fined a total of Rs 16 lakh by the Securities and Exchange Board of India (Sebi) for breaking mutual fund regulations.
In accordance with Sebi’s judgment, the regulator fined Edelweiss Asset Management Rs 8 lakh and Gupta and Bhattacharya Rs 4 lakh apiece.
On 88 days, the regulator found that Edelweiss Focused Equity Fund (EFEF) had broken the rule that states that an open-ended equity plan may invest in no more than 30 stocks.
According to Sebi, Trideep Bhattacharya, the fund manager of EFEF, and Radhika Gupta, the CEO of Edelweiss Asset Management, had neglected to make sure that the money of the schemes were invested to meet the scheme’s investment goal in conjunction with the business.
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