Homegrown private equity (PE) firm Multiples has reached a settlement with the Indian capital markets regulator, agreeing to pay about Rs 93 lakh to resolve allegations of regulatory violations tied to one of its funds, according to media reports.
The case pertains to its maiden fund, launched in 2011 with a corpus of $405 million, and involves alleged compliance lapses.
The Securities and Exchange Board of India (SEBI) said the action was taken after the fund was not wound up even after its tenure had expired, as specified in its private placement memorandum.
SEBI issued a show-cause notice to the firm and its top executives, Renuka Ramnath and Sudhir Variyar, asking them to explain why an inquiry should not be held and penalties imposed for the alleged lapses.
The PE firm submitted a settlement application to SEBI in August 2025, aiming to resolve the matter without admitting or denying the findings, stated the media reports.
While Multiples is currently investing out of its fourth PE fund that was closed in 2024 at $800 million, it made headlines last year in May when it closed its first $430-million continuation fund.
DealStreetAsia had first reported about the development in April.
Since its inception in 2009, Multiples has invested in diverse sectors such as financial services, consumer, healthcare and IT services, and textiles.
Multiples raised $680 million for its third India-dedicated PE fund in 2021. Prior to that, it closed its second fund at $700 million in 2017, which included a $150-million co-investment pool.
Some of its investments include ACKO, Delhivery, Dream Sports, Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, and TI Clean Mobility.
