JP Morgan Chase settles case with Sebi, pays Rs 22 lakh
JP Morgan Chase Bank has settled a securities law violation case with the Securities and Exchange Board of India (Sebi) by paying ₹22 lakh as settlement charges. On August 9, 2021, designated depository participant J P Morgan Chase Bank (JPMC), informed Sebi about the delay in intimating about the merger of Fidelity Investments Money Management Inc.
(FIMM), a registered FPI, with its affiliate Fidelity Management & Research Company LLC (FMRC). Following the communication, Sebi conducted an examination regarding the delay in intimation of change in material information.
It observed that the merger of FIMM with FMRC resulted in cessation of FIMM, the entity which was registered as FPI. However, after merger, the surviving entity i.e., FMRC, which had not obtained FPI registration, operated in the Indian securities market under the name, accounts and FPI registration of FIMM.
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