Supreme Court upholds Sebi action against Kotak AMC, MD & other executives

The Supreme Court upheld SEBI’s action against Kotak Mahindra Asset Management Company. Senior executives, including Nilesh Shah, faced penalties for mutual fund rule violations. The court rejected the defense that investors did not suffer any financial losses. It emphasized regulatory compliance over investor gains, issuing a stern warning. Kotak AMC and its trustee company were directed to pay substantial costs to charities.