Mirae Asset AIF settles SEBI case on investment concentration for ₹12.75 lakh

SEBI has reached a settlement with investment firm Mirae Asset Venture Opportunity Trust AIF and its key managers after the fund breached regulations by concentrating investments in a single company. The matter revolves around the Late Stage Opportunities Fund, a Category II Alternative Investment Fund, which allocated ₹128 crore to Supermarket Grocery Supplies.

By June 30, 2023, this investment represented 38% of the scheme's investable funds of ₹334 crore, surpassing the permissible 25% limit for investments in a single company. SEBI examined the fund's Private Placement Memorandum Audit Report and subsequent replies, finding that the concentration exceeded the limit during part of the review period.

The investment initially accounted for 25.11% of the scheme's investable funds in March 2023, increased to 38% in June 2023, and dropped to 24.44% by September 30, 2023. SEBI concluded that the breach violated Regulation 15(1)(c) of the AIF Regulations, 2012, and initiated a notice of summary settlement on June 9, 2026, granting the applicants the chance to resolve the proceedings by filing a settlement application and paying ₹12.75 lakh.

The settlement amount was remitted on June 19, 2026, and SEBI confirmed receipt. Under the agreement, SEBI won't pursue enforcement action against the applicants for the specified violations, but retains the right to take action if any false representations, breaches of undertakings, or discrepancies result in a shortfall in the settlement amount.