ICICI Prudential Asset Management and its CEO Nimesh Shah have settled a probe initiated by the Securities and Exchange Board of India into the alleged violation of mutual fund norms over their investments in the initial public offering of ICICI Securities.

While the fund house has paid Rs 89.96 lakh, managing director & CEO Nimesh Shah has remitted Rs 6.8 lakh towards settlement fees, the market regulator said on Thursday.

Under Sebi’s (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (Settlement Regulations), an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.

“The pending adjudication proceedings initiated against applicants... in respect of the alleged violations against the applicants namely ICICI Prudential Asset Management Company and Nimesh Shah are disposed of,” the regulator said.

Sebi had initiated adjudication proceedings against the fund house and Shah for alleged violation of various mutual fund regulations in the IPO of ICICI Securities.

In March, ICICI Securities had come out with an IPO at a price band of Rs 519-520 per share. It had reduced the size of the offer to a little over Rs 3,500 crore from over Rs 4,016 crore after the sale drew a sluggish response, particularly from high net worth individuals.