Invesco goes for settlement with SEBI; pays Rs 4.98 crore fine

25 Apr 2024 , 11:22 AM

Invesco Asset Management (India), along with its CEO Saurabh Nanavati and four others, have settled with SEBI concerning alleged violations of mutual fund (MF) and portfolio management norms. They collectively paid ₹4.98 Crore under SEBI’s settlement mechanism.

SEBI received assurance that measures have been implemented to prevent similar lapses. An inspection in 2021 revealed a lack of clear segregation between portfolio management and MF activities within the firm.

The portfolio management services arm lacked sufficient manpower, infrastructure, and maintained insufficient distance from the MF business.

Allegations included violations such as inter-scheme transfers and movements of securities between Invesco MF and PMS Advisory schemes, breaching SEBI regulations.

Invesco MF filed for settlement without admitting or denying the findings, which SEBI approved based on a recommendation from its advisory committee.

Invesco MF ranks as the 17th largest fund house in India, managing over ₹74,300 Crore in assets in the January-March quarter of 2023-24.

IndusInd International Holdings, part of the Hinduja Group, recently acquired a 60% stake in Invesco Asset Management (India), marking its entry into the asset management space.

360 One Asset Private Equity exited its investment in PB Fintech (Policybazaar), realizing 2.4 times gains on invested capital.

Initially investing ₹191 Crore across various funds, 360 One PE ultimately received ₹451 Crore from its investment as part of its tech strategy.

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