Please find enclosed Secretarial Compliance Report for the financial year ended March 31, 2025
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Awaiting price reaction for this filing.
Nippon Life India Asset Management has filed its annual Secretarial Compliance Report for FY25 with the exchanges, as required under SEBI's listing rules. The report, prepared by M Siroya and Company, confirms the company complied with most applicable SEBI regulations, but flags two past regulatory issues. First, SEBI's August 2024 Adjudication Order fined the company Rs. 2 lakh for allegedly charging expenses for certain ETF schemes from its own books instead of from the schemes; the penalty was paid in August 2024. Second, a SEBI Show Cause Notice from August 30, 2024 relates to mutual fund investments of around Rs. 2,150 crore in YES Bank AT1 bonds and Rs. 550 crore in Morgan Credit NCDs, with alleged violations of mutual fund investment rules tied to the older Reliance Capital sponsorship. The company has filed settlement applications with SEBI, which are currently pending, while continuing normal business operations.
The report is largely procedural, but it reiterates two legacy regulatory matters investors should track: a small, already-paid ETF penalty and an ongoing SEBI settlement process tied to the old Reliance Mutual Fund-era bond investments. Final SEBI outcome on the settlement plea could affect sentiment, but ongoing business and compliance status appear normal.