Groww Asset Management Ltd (formerly known as Indiabulls Asset Management Company Ltd) and its trustee have settled with markets watchdog Sebi a case pertaining to alleged violation of regulatory norms after paying Rs 9 lakh. This came after the applicants -- Groww Asset Management Company and Groww Trustee Ltd (earlier known as Indiabulls Trustee Company Ltd) -- proposed to settle the alleged violation by "neither admitting nor denying the findings of fact". "It is hereby ordered that any proceedings that maybe initiated for the violations...are settled in respect of the applicants," the Securities and Exchange Board of India (Sebi) said in its settlement order passed on June 28. The applicants have submitted that on account of change in control of Indiabulls Asset Management Company and Indiabulls Trustee due to the acquisition of these entities by Nextbillion Technology Pvt Ltd, the entities are now known as Groww Asset Management and Groww Trustee with effect from May 3, 2023.
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