SEBI v. Invesco Asset Management (India) Private Limited and others (inter-scheme transfers, settlement, 2024)
Settled
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
On 24 April 2024 SEBI settled a show cause notice against Invesco Asset Management (India) and five executives, which alleged blurred lines between its mutual fund and portfolio management arms and pre-arranged inter-scheme trades, for Rs 4.99 crore paid jointly.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2024-04-24 |
| Date resolved | 2024-04-24 |
| Status | settled |
| Asset class | mutual funds, portfolio management |
| Instruments | mutual fund schemes and portfolio management accounts |
| Criminal parallel | No |
| Defendants | Invesco Asset Management (India) Private Limited ; Saurabh Nanavati ; Sujoy Das ; Nitish Sikand ; Krishna Cheemalapati ; Suresh Jakhotiya |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
- Penalty as published
- 49.9m INR
What is alleged to have happened
This is a settlement order of 24 April 2024, signed by Chief General Manager Dr Anitha Anoop. The six applicants are Invesco Asset Management (India) Private Limited and five of its officers: Saurabh Nanavati, Sujoy Das, Nitish Sikand, Krishna Cheemalapati and Suresh Jakhotiya.
SEBI inspected the firm's mutual fund and portfolio management activities in October and November 2021 and issued a show cause notice on 9 August 2023. The notice alleged that there was no clear separation or information barrier between the firm's portfolio management activity and its mutual fund activity, and that the portfolio manager lacked proper infrastructure and people. It alleged inter-scheme transfers and movements of securities between mutual fund schemes and portfolio management accounts, described as pre-arranged or layered trades, which SEBI characterised as an unfair trade practice under Regulation 4(1) of the PFUTP Regulations 2003. It also alleged that investments were not always made with independent judgment in unitholders' interest. These are allegations only.
All six applicants applied to settle in October 2023, proposing to do so without admitting or denying the findings. After review by an internal committee and a high-powered advisory committee, SEBI's whole-time members approved a joint and several payment of Rs 4,98,55,000 in March 2024. The applicants undertook that the amount would not be borne by unitholders and that systems were in place to prevent a recurrence, and paid in April 2024.
The proceedings were disposed of on those terms and SEBI undertook no other enforcement for the same violations, though it can act if representations prove untrue or undertakings are broken. No trading restriction was imposed.
The record does not show the volume or value of the transfers, any investor loss, or any gain, and this order makes no findings.
This library does not assign a technique tag to the matter, because no technique in the library fits the conduct. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2024-04-24 SEBI settlement order
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.