Abhishek Gupta, a former fund manager at Edelweiss Asset Management, has reached a settlement for allegations of violating Mutual Fund Regulations by paying a sum of Rs 19.5 lakh.

The settlement was a result of a showcause notice issued by the Securities and Exchange Board of India (SEBI), which raised concerns about Gupta's adherence to investment objectives for the funds he managed.

The allegations relate to Gupta's failure to ensure that the funds were invested in accordance with the schemes' objectives, which is a violation of Regulation 25 (6B) (a) of Mutual Funds Regulations.

Furthermore, the violations mentioned SEBI circulars from October 2017 and June 2018, which outline compliance requirements for fund managers.

The settlement application underwent review by SEBI's internal committee on April 18, 2024, leading to the resolution of the ongoing adjudication proceedings.