Sebi (Securities and Exchange Board of India) has imposed a penalty of Rs 5 lakh on HSBC Asset Management (India), following the discovery that a prior 2023 order, which had exonerated the fund house during an investigation, was erroneous.
The penalty concerns actions by L&T AMC, which was acquired by HSBC Group in May 2023 and merged with HSBC AMC in October 2023.
Sebi was investigating if the fund house had properly documented the reason behind its investment choices.
The review also examined the reasons for selling three specific stocks—Hindustan Zinc, Sadbhav Engineering, and Vodafone Idea—which led to losses of Rs 1.61 crore, Rs 14.97 crore, and Rs 25.43 crore, respectively. In total, these losses amounted to over Rs 42 crore.
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