Banking News

Sebi bars Brick Eagle for violations


Market regulator Securities and Exchange Board of India (Sebi) has barred fund manager Brick Eagle LLP for a period of one year after finding it guilty of compliance violations, as per an order uploaded on the regulator’s website.

It has also taken action against Catalyst Trustee, on whom it imposed a one-year ban on the grounds that it overlooked compliance violations by the fund manager. The ban is only applicable to trustee services provided to funds by Catalyst and not to its mainstay debenture trustee business.

Brick Eagle LLP, promoted by former Standard Chartered executive Rajesh Krishnan, had announced a ₹500 crore affordable housing fund in 2017 to fund housing projects priced under ₹10 lakh a unit, for which the government was providing subsidies.

The fund’s initial investors included Axis Bank, Bennett Property Holdings Company (BPHCL), Pulkit Benefit Trust, Ridaan and Ruhaan Buildwell and Brick Eagle itself. Sebi said some of the investors had complained to it about lapses by the fund manager.


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