Sebi fines Nippon Life India

New Delhi: Markets regulator Sebi on Thursday imposed a penalty of Rs3 lakh on Nippon Life India Asset Management Ltd and Nippon Life India Trustee Ltd in the matter of charging total expense ratio (TER) to asset management company books.

Individually, the regulator levied a fine of Rs2 lakh on Nippon Life India Asset Management and Rs1 lakh on Nippon Life India Trustee. They have been directed to pay the amount within 45 days, according to an order passed by the Securities and Exchange Board of India (Sebi). During examination it was observed from the TER structure of Nippon Life India Asset Management that in 5 ETFs the fund house charged less expense to the schemes as against actual expense incurred by the schemes. Therefore, the fund house by bearing excess expenses of the scheme has allegedly violated the rules.