ICICI Prudential AMC and Others Settle with SEBI Over Delayed Scheme Closure

ICICI Prudential Asset Management Company (AMC), along with ICICI Prudential Venture Capital Fund and ICICI Prudential Trust, has reached a settlement with SEBI concerning delayed closure of a venture capital scheme and distribution of investor proceeds. The entities paid a total of Rs 14.35 lakh without admitting any liability.

The case focused on the ICICI Prudential Venture Capital Fund's real estate scheme launched in 2013, initially planned for four years with potential extensions. Extensions pushed the final scheme expiration to September 2023, with all investments liquidated by December 25, 2023. However, SEBI noted a delay of approximately four years in the winding-up process.

Upon receiving the settlement applications, SEBI’s committee recommended a joint settlement fee, which the entities paid immediately. SEBI’s order confirmed the resolution, closing any pending proceedings linked to these regulatory delays.