Indiabulls AIF, Associated Entities and Key Executives Pay Rs1.43 Crore To Settle SEBI Proceedings
Moneylife Digital Team 18 September 2025
Indiabulls AIF, along with its associated funds, asset management company and key executives, has settled adjudication proceedings initiated by the market regulator Securities and Exchange Board of India (SEBI) over alleged violations of the SEBI (Alternative Investment Funds) Regulations, 2012.
 
The matter was closed after the applicants jointly paid a settlement amount of Rs1.43 crore as recommended by SEBI’s high-powered advisory committee (HPAC).
 
The case stemmed from SEBI’s inspection of Indiabulls AIF and its schemes—Indiabulls Real Estate Fund (IBREF) and Indiabulls Dual Advantage Real Asset Fund (IBDARA). Alongside the funds, Indiabulls Asset Management Company Ltd, Ambar Maheshwari, Amit Jain and Parth Muria were also named in the proceedings. Collectively referred to as the ‘applicants’, these entities were accused of multiple regulatory lapses.
 
The alleged violations included pledging scheme assets of IBDARA for a loan availed by an investee company, failure to ensure equal drawdown percentages across unit classes, breach of concentration limits in investee companies, irregularities in valuation frequency and misrepresentation of financial data to investors.
 
Additionally, SEBI cited non-compliance with an earlier deficiency letter issued in 2017 and submission of inaccurate information in compliance test reports (CTR) filed with the trustee.
 
A show-cause notice (SCN) was issued on 26 September 2024 and adjudication proceedings were initiated under Section 15EA of the SEBI Act. However, the applicants later filed for settlement under the SEBI (Settlement Proceedings) Regulations, 2018.
 
Following discussions with SEBI’s internal committee in December 2024 and submission of revised settlement terms in February 2025, the HPAC recommended acceptance of the proposal in July 2025. The settlement was approved by SEBI’s panel of whole-time members (WTM) on 18 August 2025.
 
The applicants remitted the settlement amount on 10 September 2025, leading to the disposal of adjudication proceedings under Section 15JB of the SEBI Act. 
 
SEBI, however, clarified that the order does not prevent it from restoring or initiating proceedings if the applicants are later found to have withheld disclosures, violated undertakings, or if discrepancies arise in settlement terms.
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