Unicorn India Ventures Entities and Officials Settle SEBI Case for ₹25.50 lakh over AIF Violations
Moneylife Digital Team 06 May 2026
Unicorn India Ventures Debt Fund-I, its manager Unicorn India Ventures Services LLP and key managerial personnel (KMP) Anil Joshi and Bhaskar Majumdar,  have settled a case with the market regulator Securities and Exchange Board of India (SEBI) by paying ₹25.50 lakh, in connection with alleged violations of alternative investment fund (AIF) regulations.
 
The matter relates to Unicorn India Ventures Fund III, the only active scheme under the Category-II AIF. SEBI examination found that the fund had temporarily parked uninvested funds in a savings mutual fund scheme specifically the Aditya Birla Sun Life Savings Fund Regular Growth Plan between 15 May 2023 and 24 May 2023. This was in contravention of AIF rules which permit such funds to be deployed only in liquid mutual funds, bank deposits or other high-quality liquid assets.
 
Further, the regulator observed that the fund failed to disclose this non-compliance in its compliance test report for FY23-24. Although the fund later rectified the lapse by reallocating the money into a compliant liquid scheme, SEBI held that the initial deployment and non-disclosure violated multiple provisions of the SEBI AIF Regulations, 2012 along with the prescribed code of conduct.
 
Following the issuance of summary settlement notices in November 2025, the applicants opted to resolve the matter under SEBI Settlement Proceedings Regulations, 2018. They filed settlement applications and remitted the specified amount within the stipulated timeline which SEBI confirmed receiving.
 
In its settlement order, SEBI stated that it will not initiate enforcement action for the cited violations, subject to the conditions laid down under the settlement framework. 
 
However, the regulator clarified that it retains the right to reopen proceedings if any disclosures made during the settlement process are later found to be untrue or if the applicants fail to comply with the agreed terms.
 
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