Rajesh Iyer, former CEO of PGIM India Mutual Fund, on Thursday settled with Sebi a case related to flouting of mutual fund rules in executing inter-scheme transfers after paying Rs 16.57 lakh towards the settlement amount.
The order came after Iyer filed an application with the Securities and Exchange Board of India (Sebi) in June to settle the alleged violations under the settlement rules.
“The instant proceedings initiated against the applicant vide Show Cause Notice dated April 13, 2022, are disposed of,” Sebi said in its settlement order.
The regulator had initiated adjudication proceedings against Iyer and issued a show cause notice to him in April 2022 after finding a violation of mutual fund rules.
Sebi carried out a thematic inspection on Inter-Scheme Transfers (ISTs) of downgraded debt securities of PGIM India Mutual Fund for the period of August 2018 to February 2019.
In its inspection, Sebi observed that Iyer was the Chief Executive Officer (CEO) of PGIM Mutual fund dur
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