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SC upholds SEBI action against Kotak AMC over FMPs
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Supreme Court upheld SEBI action against Kotak Mahindra Asset Management Company over investments in Essel Group-linked FMPs.
Kotak Mutual Fund invested ₹266 crore in zero-coupon non-convertible debentures issued by Konti Infrapower & Multiventures Pvt. Ltd and Edison Utility Works Pvt Ltd.
The investments were secured by pledged shares of Zee Entertainment Enterprises Ltd.
Court ruled that regulatory violations cannot be justified by investor gains.
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