Goldman Sachs fined Rs 1 cr for violating PN issue norms

MUMBAI: The Securities and Exchange Board of India (Sebi) on Friday imposed a fine of Rs 1 crore on foreign institutional investor Goldman Sachs Investment (Mauritius) for violating norms related to participatory notes.

Goldman Sachs was charged with violating the declaration/undertaking to furnish fortnightly statements on the issue of participatory notes as required under FII regulations, Sebi adjudicating officer Amit Pradhan said in his order.


The FII, registered with Sebi, failed to report the issuance of participatory notes to Mauritius-based Magnus Capital Corporation. This was in violation of its earlier declaration that the FII and its affiliates had not issued any participatory note, Sebi said. Goldman Sachs will have to pay the fine within 45 days of receiving the order.