Groww's Settlement with SEBI: A Rs 9 Lakh Closure

Groww Asset Management Ltd and its trustee have settled a case with SEBI, involving allegations of regulatory violations, by paying Rs 9 lakh. The settlement was reached without admitting or denying the findings. This followed changes in control after Nextbillion Technology acquired Indiabulls Asset Management and Trustee entities.

Groww Asset Management Ltd, formerly known as Indiabulls Asset Management Company Ltd, along with its trustee, has successfully settled a case with the Securities and Exchange Board of India (SEBI) involving allegations of regulatory breaches. The company managed to close the case by paying Rs 9 lakh.

Notably, the settlement was reached on the basis of 'neither admitting nor denying the findings of fact,' reflecting a common practice in regulatory settlements. The proceedings initiated for the alleged violations are now deemed settled, as per SEBI's order dated June 28.

This settlement follows a significant change in control, precipitated by Nextbillion Technology Pvt Ltd's acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company, now rebranded Groww Asset Management and Groww Trustee respectively, effective May 3, 2023.

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