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.