SEBI recently settled a matter with Piramal Investment Advisory Services Private Limited (PIASPL) , a Piramal Group company & 4 other directors. The regulator had issued two Show Cause Notices wherein it initiated an investigation on Piramal Investment Opportunity Fund (PIOF), under Alternate Investment Fund Regulations (“AIF Regulations”). Piramal Investment Advisory Services was the sponsor and investment advisor of PIOF. SEBI alleged violations of the provisions of Regulations 10(d), 13, 27 (1) (d) of the AIF Regulations and the SEBI Master Circular No. CIR/ISD/AML/3/2010 dated December 31, 2010, which PIASPL & others denied.
Settlement with SEBI is a process without any admission or denial of allegations where an entity proposes to settle to put quietus to the matter, leaving all conclusions of law and findings of facts buried with such settlement.
Regstreet Law Advisors represented the AIF, Sponsor and directors to obtain this settlement.