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Trustees of CIG Realty Fund move SAT against Sebi order
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₹10 lakh, and they were barred from taking new assignments as trustees of AIFs of any category for one year. Sebi had also imposed a fine of ₹1 crore on Unitech Advisors (now known as Auram Asset Management Company), which served as a fund manager/investment advisor to the realty fund.
It was discovered that nearly 80% of the corpus from CIG Realty Type IV funds was invested by Unitech Advisors in associate firms, violating Sebi's venture capital fund regulations. The matter will be next heard by the tribunal on 22 April.
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