INSUBCONTINENT EXCLUSIVE:
website.
In February 2019, the Essel Group of companies headed by Subhash Chandra had told the exchanges that the companies would be unable
to pay bond holders on time.
After that communication, several fund houses had entered into agreements with the Essel Group for extension of
time for payment of dues, arrangements the regulator considered as violation of rules.
The regulator has settled this dispute with HDFC
Mutual Fund after it said that it has already compensated investors of the affected mutual fund schemes for Rs 4.4 crore and that the
settlement amount would be paid out of the funds of HDFC AMC and that the liability would not be passed on to the unit holders.
Settlement
applications were filed by HDFC Asset Management Company, HDFC Trustee, Milind Barve, CEO, HDFC AMC, Prashant Jain, CIO - ED, HDFC AMC
Senior fund managers Anil Bamboli and Shobit Mehrotra, and its former compliance officer Yezdi Khariwala after Sebi issued them show-cause
