SEBI grants extra liquidation time but ₹6.34 crore still unliquidated
This order addresses alleged violations by Exfinity Technology Fund and its associated parties regarding the failure to wind up the fund within the mandated timeline, exceeding the 25% limit for overseas investments, and failing to perform required semi-annual valuations.
Exfinity Technology Fund, Exfinity Venture Partners LLP, Mr. V Balakrishnan, Mr. Shailesh Ghorpada, Mr. Chinnu Senthilkumar, Mr. Nihar Ranjan, and Vistra ITCL (India) Limited
- Alleged violation of AIF Regulations regarding the mandatory winding-up period (scheme required liquidation by August 14, 2022, but Rs. 6.34 crore remained unliquidated as of December 30, 2024).
- Alleged breach of the 25% investment limit in overseas venture capital undertakings (VCUs) between January 5, 2017, and July 26, 2023, with overseas investments reaching 25.62% of investible funds.
- Alleged failure to undertake valuation of investments for the half-year ended September 30, 2023, as required by Regulation 23(2).
- Alleged violation of filing requirements for quarterly reports, specifically an 8-day delay for the quarter ending March 2023.
- Alleged failure of the fund to inform the Trustee (Vistra ITCL) about the overseas investment breach and valuation non-compliance, preventing the Trustee from acting or reporting to SEBI.
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Document details
| Official title | Adjudication Order in the matter of Exfinity Technology Fund |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/JS/DP/2026-27/32450-32456 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |