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SC upholds SEBI action against Kotak AMC over Essel debt in FMPs, says regulatory violations cannot be...
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The Supreme Court upheld SEBI action against Kotak AMC for regulatory violations in Essel debt investments in fixed maturity plans (FMPs).
Kotak Mutual Fund invested Rs 266 crore in zero-coupon non-convertible debentures issued by Konti Infrapower & Multiventures Pvt. Ltd and Edison Utility Works Pvt. Ltd, both Essel Group entities.
The investments were secured by pledged shares of Zee Entertainment Enterprises Ltd.
The FMPs matured in 2019, leading to regulatory action by SEBI for violation of investment norms.
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