ICICI Prudential Entities Settle SEBI Case Over Delay In Winding-Up Of Real Estate Scheme, Pay ₹14.35 Lakh

ICICI Prudential Venture Capital Fund, along with ICICI Prudential Asset Management Company Ltd. and ICICI Prudential Trust Ltd., has settled proceedings before SEBI by paying Rs. 14.35 lakh over delays in winding up and distributing proceeds from its 2013 real estate scheme.

The applicants, ICICI Prudential Venture Capital Fund, ICICI Prudential Asset Management Company Ltd., and ICICI Prudential Trust Limited, had filed suo motu settlement applications under the SEBI (Settlement Proceedings) Regulations, 2018, proposing to settle the matter without admitting or denying the findings.

The case relates to a real estate scheme launched in 2013, which expired on September 25, 2023. However, liquidation and exit of investments were completed only on December 25, 2023, resulting in an approximate four-year delay in completing the winding-up process and distribution of proceeds to investors.

Pursuant to the settlement application, SEBI's internal committee recommended payment of Rs. 14.35 lakhs, which was accepted by the applicants. The High-Powered Advisory Committee thereafter recommended settlement, which was approved by the Panel of Whole Time Members.

Accordingly, the applicants paid a settlement amount of Rs. 14.35 lakhs.

In view of the settlement, SEBI ordered that enforcement proceedings for the alleged violations be settled, while clarifying that the order is without prejudice to SEBI's right to initiate action in case of any misrepresentation or breach of settlement terms.