JP Morgan Mutual Fund agrees to pay Sebi nearly Rs 92 lakh

MUMBAI: The Securities and Exchange Board of India has settled legal proceedings against JP Morgan Mutual Fund after the fund house agreed to pay Rs 91.80 lakh as settlement charges for not complying with certain provisions of mutual fund regulations.

The regulator alleged that the fund house had launched a particular scheme after the expiry of the scheme information document. Besides, the offer document contained misleading and incorrect scheme name and even units that were allotted to the investors were under the incorrect scheme name.

Sebi has also passed consent order on JP Morgan Asset Management India and JP Morgan Mutual Fund India after they agreed to pay Rs 91.80 lakh each as settlement charges for violating certain provisions of the mutual fund regulations.