Sebi penalises Vivek Kudva and family Rs 7 cr for redeeming FT units

Elvera Bartels

The Securities and Trade Board of India (Sebi) has barred Vivek Kudva and spouse Roopa Kudva, previous MD of Omidyar Network India, from accessing the funds market for a single calendar year for redeeming their units in the strategies shuttered by Franklin Templeton Mutual Fund though allegedly staying in possession of non-public facts.

The regulator has imposed a cumulative penalty of Rs seven crore on Vivek, who serves as a director on the Franklin MF, spouse and late mother Vasanthi.

More, they have been directed to disgorge Rs 22 crore into a individual lender account—nearly two-thirds of the total they redeemed before the strategies have been shut.

The folks had cumulatively redeemed units truly worth more than Rs 30 crore from Franklin India Limited Phrase Cash flow Fund (STIP) and Franklin India Cash flow Possibilities Fund (IOF) though in possession of material non-public facts months before the strategies have been

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