Axis AMC and Sebi Reach Settlement Over Mutual Fund Norm Violation

Axis Asset Management Company and Axis Mutual Fund Trustee have reached a settlement with regulator Sebi over alleged mutual fund norm violations by paying a settlement amount of Rs 16.57 lakh. The settlement follows the issuance of a show cause notice and proposed resolution by the entities involved.

Axis Asset Management Company (Axis AMC) and Axis Mutual Fund Trustee have reached a settlement with the Securities and Exchange Board of India (Sebi) regarding alleged violations of mutual fund regulations. The entities resolved the issue by paying a settlement amount of Rs 16.57 lakh.

The charges stem from complaints that Axis AMC incurred excessive expenses on a mutual fund scheme, contrary to Sebi rules, while Axis Mutual Fund Trustee failed to ensure compliance. Both parties proposed a settlement without admitting or denying any wrongdoings.

The settlement process was initiated after a show cause notice was issued in March 2024. Following negotiations, the revised settlement terms were approved by Sebi's High Powered Advisory Committee, concluding the proceedings against them.

(With inputs from agencies.)