SEBI Adjudicating Officer

Taking cue from Yoda, the adjudication officer of Securities and Exchange Board of India (SEBI) has ordained “Do or do not, there is no try”. This means there can be no halfway compliance with SEBI (Alternative Investment Funds) Regulations, 2012 and circulars issued therein (the AIF Regulations).

The November-end order of the SEBI Adjudicating officer (AO) in the case of the SREI Multiple Investment Trust (the Fund) not only provides an insight into the regulator’s interpretation of the AIF Regulations but it is also the first case of imposition of a monetary penalty for breach of the AIF Regulations. This article critically analyses the AO’s order and summarises the learnings from the same.


Continue Reading The Empire Strikes Back: Strict Compliance with SEBI AIF Regulations