New Delhi, Feb 20 (PTI) Four entities settled a case with regulator Sebi, pertaining to breach of investment limit in a single company that led to violation of alternative investment fund (AIF) rules, after paying Rs 15 lakh towards settlement amount.

The entities that settled the case are -- Whitespace Alpha Trust, Whitespace Fund LLP, Praveen Dwarakanath and Ramaswamy Shivaraman.

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This came after the entities approached Sebi proposing to settle the enforcement proceedings that may have been initiated against them for the violation of AIF Regulations.

"It is hereby ordered that the specified proceedings in respect of which the notice was issued are hereby settled in respect of the applicants," the Securities and Exchange Board of India (Sebi) said in its settlement order passed on February 15.

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Sebi observed that Whitespace Alpha - Fund 1 scheme of Whitespace Alpha Trust or AIF breached the concentration limit of 10 per cent of investable funds in a single investee company for Reliance Industries Ltd from December 6, 2022 till April 21, 2023.

Further, the AIF also failed to submit correct information in the compliance test report with the trustee.

The same was in non-compliance with AIF rules and code of conduct for managers and key management personnel specified in the AIF norms, as per the order.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)