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Sebi fines Edelweiss AMC, CEO & CIO Rs 16 lakh

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Sebi fines Edelweiss AMC, CEO & CIO Rs 16 lakh

The Securities and Exchange Board of India (Sebi) on Friday levied penalties totalling Rs 16 lakh on Edelweiss Asset Management, its CEO Radhika Gupta and fund manager Trideep Bhattacharya for violating mutual fund rules.

The regulator has imposed a penalty of Rs 8 lakh on Edelweiss Asset Management and Rs 4 lakh each on Gupta and Bhattacharya, according to Sebi’s order.

The regulator observed that Edelweiss Focused Equity Fund (EFEF) had violated the provision ‘an open ended equity scheme investing in maximum 30 stocks’ on 88 days. The deviations from mandatory asset allocation were observed for the months of November 2022, December 2022, January 2023 and February 2023.

Gupta, being the CEO of Edelweiss Asset Management, and Bhattacharya, being the fund manager of EFEF, had failed to ensure that the funds of the schemes were invested to achieve the investment objective of the scheme, along with the company, Sebi said.

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