SEBI · Enforcement · Low
SEBI settles winding-up delay against Everstone Capital for ₹10,87,500
Everstone Capital's VCF wound up 4 years 8 months late. SEBI closed the case with a ₹10,87,500 settlement.
What changed
- SEBI settled proceedings against Everstone Capital for delaying VCF winding-up by 4 years 8 months.
- Investment manager paid ₹10,87,500 to resolve the compliance lapse.
- No new regulatory changes; existing VCF regulations apply.
The read
Delay: 4 years and 8 months. Everstone Capital Advisors took that long to wind up its Kshitij Venture Capital Fund scheme after the June 2013 deadline. The last asset sold only in May 2018. SEBI accepted ₹10,87,500 to settle the case. The modest settlement reflects that investors eventually got paid, partly because separate tax litigation held up final distribution until early 2024. For fund managers, the message is clear: deadlines have consequences.
Everstone Capital Advisors Private LimitedKshitij Venture Capital Fund₹10,87,500
Primary source: official circular (PDF)