Investcorp Infrastructure Fund I is a trust registered with SEBI under the erstwhile Venture Capital Funds (VCF) Regulations. It had launched the Investcorp Private Equity Fund I scheme with an initial 10-year tenure commencing on 26 September 2008, with a provision for two one-year extensions.
The scheme's extended tenure ended on 26 September 2020. However, the Fund did not wind up the scheme before the end of its tenure. SEBI noted that the liquidation of assets and distribution of proceeds were completed only on 30 June 2025, resulting in a delay of over four years.
SEBI observed that the delay in winding up the scheme, liquidation of assets and distribution of proceeds amounted to non-compliance with Regulation 23(1)(a) read with Regulation 24(2) of the VCF Regulations.
The Fund filed a suo-motu settlement application with SEBI under the SEBI (Settlement Proceedings) Regulations, 2018, proposing to settle the enforcement proceedings that could be initiated for the alleged violations without admitting or denying the findings of fact and conclusions of law.
Following the application, SEBI's internal committee (IC) met with the applicant's authorised representatives on 4 June 2026. The IC recommended a settlement amount of ₹11.09 Lakh, calculated in accordance with Schedule II read with Regulation 10 of the Settlement Regulations.
Investcorp Infrastructure Fund I submitted revised settlement terms on 5 June 2026, proposing to pay ₹11.09 lakh. The high-powered advisory committee (HPAC), at its meeting on 29 June 2026, recommended that the matter be settled on the proposed terms.
The recommendations were subsequently placed before SEBI's Panel of whole-time members (WTMs) and approved on 12 August 2026. A notice of demand was issued on 14 August 2026, following which the applicant informed SEBI that the settlement amount had been remitted. SEBI confirmed receipt of the amount.
Under the settlement order, SEBI said it would not initiate enforcement action against Investcorp Infrastructure Fund I for the violations covered by the settlement.
However, SEBI retained the right to take appropriate action if any representation made during the settlement proceedings is subsequently found to be untrue, if the applicant breaches any undertaking or waiver, or if it fails to pay any difference arising from a discrepancy in arriving at the settlement terms.
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