ICICI AMC Settles SEBI Case for ₹14.35 Lakh Fine

ICICI Prudential Asset Management Company (AMC) and two related entities have resolved a case with SEBI by paying ₹14.35 lakh. This settlement pertains to alleged regulatory violations stemming from delays in winding up a specific venture capital scheme and subsequently distributing proceeds to its investors. The ICICI Prudential Venture Capital Fund- Real Estate Scheme- I, launched in September 2013 with an initial four-year tenure, experienced multiple extensions. The scheme's liquidation and full investment exit were completed on December 25, 2023. This finalization occurred approximately four years after the initial expected winding-up period. SEBI noted the considerable delay before proceeds could be disbursed to investors. The settlement was proposed by the applicants through suo-motu settlement applications, wherein they neither admitted nor denied SEBI's findings. A committee within SEBI recommended the joint and several payment of ₹14.35 lakh, which has since been remitted by the applicants, thereby concluding any potential proceedings related to these violations.