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Sebi bars Vistaar Capital for a year, orders winding up of Film Fund

Business Standard  

The Securities and Exchange Board of India (Sebi) has barred alternative investment manager Vistaar Capital Advisors for one year and has directed it to wind up a scheme within six months for alleged regulatory violations. Sebi observed that the Vistaar Religare Media Fund, also referred as ‘Film Fund', was to expire in 2013 but has not been liquidated. The fund failed to maintain records including details of the investments, quarterly returns, reports on its activity and exits. The fund, a joint-venture with Religare Enterprises, intended to raise INR 200 crore for financing movies but could only manage an initial sum of INR 42 crore. Some of the investors in the fund included Bennett, Coleman & Co and Religare Finvest. As per Sebi's order, the valuation of the assets of the fund has fallen to INR 38 lakh. Sebi has directed the fund to provide exit to the investors within six months. Sebi has also restrained seven individuals, including present and former members of the board of directors, from associating with any Sebi registered intermediaries like mutual funds and AIFs for varying periods.