Sebi settles proceedings against JP Morgan Mutual Fund

Sebi has settled proceedings against JP Morgan Mutual Fund and two related entities after they paid a total of Rs 2.750000000 and also voluntarily restrained from issuing new schemes for one year. The adjudication proceedings pertained to JP Morgan Mutual Fund launching a scheme, back in 2014, after expiry of the right to launch deadline. Besides, JP Morgan Mutual Fund, the proceedings were initiated by the regulator against trustee -- JP Morgan Mutual Fund India Private Limited -- and JP Morgan Asset Management India Private Limited According to three separate but similarly-worded settlement orders issued today, each of the three entities have paid Rs 91.800000 to the regulator. Besides, they had proposed "voluntary debarment" from issuing of new schemes for a period of one year. The total settlement amount is little over Rs 2.750000000. These entities paid the settlement amounts in February and three settlement orders were passed today by Sebi's Adjudicating Officer Suresh B Menon. The settlement terms were approved by the High Powered Advisory Committee on Consent. It was alleged in the show cause notice that JP Morgan Mutual Fund launched the scheme --JP Morgan India Fixed Maturity Plan - Series 39 -- when the right to launch the said scheme had already expired. Among others, it was alleged that the offer document contained misleading and incorrect scheme name and information and even the units that were allotted to the investors were under the incorrect scheme name.