Capital market regulator SEBI has settled enforcement proceedings against Mirae Asset Venture Opportunity Trust AIF, its manager and six key managerial personnel after the fund exceeded regulatory limits on investments in a single company. According to reports from The Hindu BusinessLine and Rediff Moneynews, SEBI issued a notice of summary settlement on June 9, 2026, offering the applicants an opportunity to resolve the proceedings by filing a settlement application and paying ₹12.75 lakh. The applicants filed the application on July 1, 2026, and the settlement amount was remitted on June 19, 2026, with SEBI confirming receipt and disposing of the proceedings in terms of the settlement order.
The case relates to the Mirae Asset Late Stage Opportunities Fund, a scheme of the Category II Alternative Investment Fund (AIF), which invested ₹128.18 crore in Supermarket Grocery Supplies. As of June 30, 2023, this investment accounted for 38.35 per cent of the scheme's total investable funds of ₹334.28 crore, exceeding the 25 per cent limit prescribed for investments in a single investee company. According to SEBI's examination of the fund's Private Placement Memorandum Audit Report for 2023-24, the investment represented 25.11 per cent of the scheme's investable funds in March 2023 before rising to 38.35 per cent in June 2023, later falling to 24.44 per cent by September 30, 2023. The Mirae Asset Late Stage Opportunities Fund is a scheme of Mirae Asset Venture Opportunity Trust.
SEBI observed prima facie non-compliance between January 1, 2023, and September 30, 2023. As reported by The Hindu BusinessLine and Rediff Moneynews, the breach prima facie violated Regulation 15(1)(c) of the AIF Regulations, 2012, read with Regulation 20(1) and the relevant provisions of the code of conduct. The fund manager and six key managerial personnel were also identified as being prima facie in violation of the applicable provisions during this period. The violations involved exceeding the prescribed limits for a Category II AIF's investment in a single investee company.
Under the settlement order, SEBI stated it would not initiate enforcement action against the applicants for the specified violations. However, as reported by The Hindu BusinessLine and Rediff Moneynews, the regulator retained the right to take appropriate action if representations made during the settlement process were later found to be untrue, undertakings or waivers were breached, or any discrepancy resulted in a shortfall in the settlement amount. The settlement order took effect immediately, resolving the enforcement proceedings through this summary settlement mechanism. Mirae Asset Venture Opportunity Trust, Mirae Asset Venture Investments, and key managerial personnel including Puneet Kumar, Shikha Pareek, Ashish Saini, Purva Kaurani, Gaurav Matta and Arpit Kumar filed the settlement application jointly and severally.
