Mirae Asset Venture Opportunity Trust, Mirae Asset Venture Investments (India) and their key managerial personnel on Wednesday settled a case pertaining to alleged non-compliance with Alternative Investment Fund (AIF) regulations by paying Rs 12.75 lakh to markets regulator Sebi.
This follows the entities filing a settlement application proposing to resolve the enforcement proceedings against them through a settlement order.
According to Sebi's settlement order, Mirae Asset Venture Investments (India) Pvt Ltd, the manager of Mirae Asset Late Stage Opportunities Fund, invested Rs 128.18 crore in Supermarket Grocery Supplies Pvt Ltd.
The investment accounted for 38.35% of the scheme's total investable funds of Rs 334.28 crore as of the quarter ended June 30, 2023. This exceeded the 25% limit prescribed under AIF regulations for a Category II AIF's investment in a single investee company.
The Securities and Exchange Board of India (Sebi) also observed that the scheme's investment in a single investee company stood at 25.11% of its investable funds as of the quarter ended March 31, 2023. The investment subsequently fell to 24.44% as of the quarter ended September 30, 2023.
The regulator, therefore, prima facie observed non-compliance with AIF regulations for the period from January to September 2023.
Mirae Asset Late Stage Opportunities Fund is a scheme of Mirae Asset Venture Opportunity Trust.
Accordingly, Mirae Asset Venture Opportunity Trust, Mirae Asset Venture Investments and key managerial personnel - Puneet Kumar, Shikha Pareek, Ashish Saini, Purva Kaurani, Gaurav Matta and Arpit Kumar - filed an application with Sebi to settle the matter and remitted the settlement amount of Rs 12.75 lakh jointly and severally.
Sebi has confirmed receipt of the settlement amount and disposed of the proceedings in terms of the settlement order.
