Sebi disposes of showcause notice to Karvy Capital in AIF violation case

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Sebi disposes of showcause notice to Karvy Capital in AIF violation case - Business Standard

Quick Summary:

Capital markets regulator Sebi has disposed of a show cause notice issued to Karvy Capital Ltd and its key management personnel after finding no violations of alternative investment funds (AIF) rules.

The order came after the Securities and Exchange Board of India (Sebi) examined the matter of Karvy Capital Alternative Investment Trust, and KCAP Alternative Investment Fund, to ascertain satisfaction of 'fit and proper' criteria by Karvy group AIFs registered with Sebi.

Thereafter, Sebi observed certain non-compliances and accordingly initiated adjudication proceedings against Karvy Capital Ltd (KCL) and key management personnel -- Ajit Bhaskaran, Hitungshu Debnath (former director & COO), and K P Jeewan -- for the alleged violations of AIF norms.