https://www.taxtmi.com/caselaws?id=465799 A trustee of an AIF remains responsible for compliance with the placement memorandum and SEBI circular obligations even where an investment manager is appointed, because the trustee must still act with due diligence, fairness and prudence in relation to the trust and scheme. The successor trustee may also inherit that compliance responsibility on amalgamation. Where breach is established, regulatory directions must still be proportionate to the default and the surrounding corrective steps. On the facts described, the Tribunal treated the liability as made out but found the post-breach debarment excessive after the fund was wound up, assets were liquidated and proceeds distributed, so part of the restraint was reduced and part set aside. en-us Fri, 28 Nov 2025 00:00:00 +0530 Fri, 09 Jan 2026 19:03:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465799 A trustee of an AIF remains responsible for compliance with the placement memorandum and SEBI circular obligations even where an investment manager is appointed, because the trustee must still act with due diligence, fairness and prudence in relation to the trust and scheme. The successor trustee may also inherit that compliance responsibility on amalgamation. Where breach is established, regulatory directions must still be proportionate to the default and the surrounding corrective steps. On the facts described, the Tribunal treated the liability as made out but found the post-breach debarment excessive after the fund was wound up, assets were liquidated and proceeds distributed, so part of the restraint was reduced and part set aside. Case-Laws SEBI Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465799