Multiples Private Equity Fund, Key Officials Pay ₹92.62 Lakh To Settle SEBI Case over Delay in Winding Up Scheme

Moneylife Digital Team 16 March 2026

Investor Interest

Multiples Private Equity Funds, their key officials and associated entities have settled a case with market regulator Securities and Exchange Board of India (SEBI), by paying ₹92.62 lakh to resolve allegations of failure to wind up a scheme after its tenure expired.

The proceedings were initiated against Multiples Private Equity Fund, its manager, Multiples Alternate Asset Management Pvt Ltd, its trustee, Multiples Equity Fund Trustee Pvt Ltd, and key managerial personnel (KMP), including Renuka Ramnath and Sudhir Variyar.

According to SEBI, the applicants allegedly failed to wind up Multiples Private Equity Fund Scheme I upon the expiry of its tenure as specified in the private placement memorandum. The regulator says this amounted to violations of provisions under the SEBI Alternative Investment Funds Regulations, 2012, relating to fund management responsibilities and compliance requirements.

SEBI had issued a show-cause notice (SCN) on 9 June 2025, asking the applicants to explain why an inquiry should not be conducted and penalties imposed under Section 15HB of the SEBI Act for the alleged violations.

While the adjudication proceedings were pending, the applicants filed a settlement application with SEBI on 5 August 2025 under the SEBI Settlement Proceedings Regulations, 2018, seeking to resolve the matter without contesting the findings.

SEBI’s internal committee (IC) initially determined a settlement amount of ₹92.62 lakh on a joint and several liability basis. The applicants later proposed a reduced settlement amount of ₹36.56 lakh but indicated they would accept the SEBI decision if the revised proposal was not accepted. After deliberations, both the IC and the high-powered advisory committee (HPAC) recommended settlement at the original amount of ₹92.62 lakh.

The panel of whole-time members (WTM) of SEBI approved the recommendation in January 2026. The applicants subsequently remitted the settlement amount on 25 February 2026 and the payment was confirmed by the regulator.

Following receipt of the amount, SEBI disposed of the adjudication proceedings through a settlement order issued by Jai Sebastian, SEBI adjudicating officer (AO), on 16 March 2026.

SEBI also clarified that the settlement order does not prevent the regulator from taking enforcement action in the future if any representations made during the settlement proceedings are found to be untrue or if the applicants breach any conditions of the settlement.

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