New Delhi, Jan 30 (PTI) GSF Venture Capital Fund has settled a case pertaining to alleged non-compliance of Alternative Investment Fund (AIF) rules with markets regulator Sebi after the payment of over Rs 15 lakh towards settlement amount.

This came after GSF Venture Capital Fund filed an application with Sebi proposing to settle the proceedings initiated through a show cause notice (SCN) in November 2022, "without admitting or denying the findings".

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The fund made a payment of Rs 15.13 lakh on January 12 and accordingly, "instant proceedings initiated against the applicant vide post enquiry SCN dated November 21, 2022 are disposed of," Sebi Whole Time Member Ananth Narayan G said in his order passed on January 25.

In its show cause notice, Sebi alleged that GSF Venture Capital Fund failed to file the quarterly report for quarters December 2020, March 2021, June 2021, and September, 2021 despite several letters or emails sent to it. Through such acts, it allegedly violated AIF rules.

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Under the Sebi rules, Category I, II and III AIFs which do not undertake leverage are required to submit their reports to the markets regulator on quarterly basis in the prescribed format.

Further, Category III AIFs which undertake leverage are required to submit a report to Sebi on a monthly basis.

The reports were supposed to be sent within 7 calendar days from the end of the quarter or month.

In its response to Sebi, GSF Venture Capital Fund said it had not launched any schemes under the fund. Since the fund does not have operations, it was their understanding that they were not required to make any filing to Sebi. Further,when it tried to access the portal, it was deactivated.

(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)