HSBC AMC India, Trustees Pay Rs 23.92 Lakh to Settle SEBI Notice

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HSBC Asset Management (India) Pvt Ltd and four of its trustees have paid Rs 23.92 lakh jointly to the Securities and Exchange Board of India.

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The payment was made to settle a show-cause notice issued in connection to the use of funds of one scheme by another scheme of mutual funds.

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Jasmine Batliwala, Nani Javeri, T.C. Nair, and Ho Wai Fun were the trustees named in the settlement order issued by the Securities and Exchange Board of India on Monday.

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According to SEBI’s show-cause notice dated August 4, the AMC did not have appropriate controls to prevent the use of funds of one scheme by another scheme of mutual funds.

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