Emerging India Focus Funds on Monday resolved allegations regarding violations of foreign portfolio investor (FPI) rules by settling with the Securities and Exchange Board of India (SEBI) for Rs 64.35 lakh.

The case was closed after the petitioner offered to settle the proceedings against him without admitting or denying the findings, through a settlement order. SEBI had initiated arbitration proceedings and issued a show cause notice in February for alleged violations of the FPI and intermediary regulations.

As part of the resolution, the fund filed a settlement application and paid the required amount on November 13, leading SEBI to formally conclude the proceedings. The case is dismissed with acceptance of the terms of the settlement.

(With input from agencies.)