Multiples, top officials, 2 others settle AIF violation case with Sebi

New Delhi: Multiples Alternate Asset Management, its top officials, Renuka Ramnath and Sudhir Variyar and two others have settled a case alleging violation of Alternative Investment Funds (AIF) rules after paying Rs 92.62 lakh.

Ramnath is the Managing Director and CEO of Multiples, while Variyar is the Managing Director and Deputy CEO, according to the company's website.

The other two entities are Multiples Private Equity Fund (AIF) and Multiples Equity Fund Trustee Private Limited (Trustee).

After receipt of the settlement amount by Sebi, the adjudication proceedings initiated against the applicants vide SCN (show cause notice) dated June 9 are disposed of in terms of the Settlement Regulations, the regulator said in its order passed on Monday.

In its show cause notice, Sebi alleged that the entities violated AIF Regulations and the Code of Conduct under AIF norms. The SCN was issued to the applicants on account of their failure to wind up the Multiples Private Equity Fund - Scheme I, an AIF scheme, upon expiry of its tenure as per the provisions of private placement, Sebi noted.

While adjudication proceedings were pending, the applicants proposed to settle the instant proceedings initiated against them, "without admitting or denying the facts and conclusions of law," through a settlement order and filed a settlement application with Sebi on August 5, 2025.

Following discussions with Sebi's internal committee and consideration by the High Powered Advisory Committee (HPAC), the settlement terms were recommended and later approved by the panel of Sebi's Whole-time Members in January 2026.

After the applicants remitted the settlement amounts, Sebi disposed of the adjudication proceedings through a settlement order passed on March 16.