Multiples PE Fund, Renuka Ramnath and others settle case with SEBI for delayed winding up of scheme

SEBI alleged that the delay in winding up the scheme was in violation of provisions under the SEBI (Alternative Investment Funds) Regulations, 2012.

• SEBI settles delayed winding up case with Multiples PE Fund
• Settlement amount set at Rs 92.62 lakh after deliberations
• Applicants agreed to SEBI's judgment on settlement quantum

Did our AI summary help?

Market regulator Securities and Exchange Board of India (SEBI) has allowed the settlement application of Multiples Private Equity Fund, its trustee Multiples Equity Fund Trustee Private Limited, fund manager Multiples Alternate Asset Management Private Limited, and key officials Renuka Ramnath and Sudhir Variyar in a case related to the delayed winding up of an AIF scheme, after payment of Rs 92.62 lakh as settlement charges.

According to a settlement order issued on Monday, SEBI had initiated adjudication proceedings over the failure to wind up Multiples Private Equity Fund – Scheme I, a scheme of the AIF, upon expiry of its tenure as specified in the provisions of the private placement memorandum.

SEBI alleged that the delay in winding up the scheme was in violation of provisions under the SEBI (Alternative Investment Funds) Regulations, 2012.

The regulator had issued a show cause notice and initiated adjudication proceedings in the matter. While the case was pending, the parties proposed to settle the proceedings without admitting or denying the findings of fact and conclusions of law, and filed a settlement application with SEBI on August 5, 2025.

After deliberation, SEBI’s Internal Committee communicated a settlement amount of Rs 92.62 lakh on a joint and several liability basis. However, the applicants proposed a revised settlement amount of Rs 36.56 lakh.

The applicants also stated that if the revised amount proposed by them was not acceptable to SEBI, they would defer to the regulator’s judgment on the quantum.

Following further deliberations, the Internal Committee recommended settlement of the matter at Rs 92.62 lakh.

The High-Powered Advisory Committee (HPAC), in its meeting held on December 19, 2025, also considered the settlement terms and recommended that the case be settled upon payment of Rs 92.62 lakh as settlement amount.

Also read: As debate grows over product suitability framework, former SEBI WTM Ananth Narayan urges market ecosystem not to wait for regulator