Multiples settles Sebi case over AIF tenure

Mumbai: Private equity firm Multiples has settled a case with the markets regulator Sebi, by paying approximately ₹93 lakh for alleged violations related to an alternative investment fund.

The settlement also involves key managerial personnel, Renuka Ramnath and Sudhir Variyar.

The markets regulator said the action was triggered after Multiples private equity fund - Scheme-I was not wound up upon the expiry of its tenure as outlined in its private placement memorandum.


Sebi had initiated adjudication proceedings against the entities and individuals for alleged violations of provisions under the Alternative Investment Funds Regulations, 2012.

In June 2025, a show-cause notice was issued asking the private equity fund to explain why an inquiry should not be held and penalties imposed for the alleged lapses.

While the adjudication proceedings were underway, the private equity fund filed a settlement application with Sebi in August 2025, seeking to resolve the matter without admitting or denying the findings.