The Indian arm of global asset manager Invesco has settled charges of mutual fund rules violations with the country's market regulator, according to a settlement order uploaded on the regulator's website on Wednesday.
Invesco Asset Management India and five others charged, including the firm's chief executive, settled by paying 49.8 million rupees (about $598,000), without admitting they violated any rules, the order said.
The Securities and Exchange Board of India (SEBI) had initiated an investigation against the asset manager in 2021.
In its probe, SEBI found that there was no clear segregation of activities and a 'Chinese wall' between portfolio management services (PMS) and mutual funds.
The regulator further said that there were transactions between the mutual fund schemes and PMS schemes that violated its rules.
