Three entities, including Utthishta Virat Fund and its management, have settled with the Securities and Exchange Board of India (Sebi) for violating Alternate Investment Fund (AIF) regulations. They paid Rs 28.5 lakh in settlement charges after Sebi notified them of potential enforcement actions. The breach involved the fund’s continued interest being 2.44% of the investible corpus, below the required 2.5%. Sebi’s order confirmed the settlement, resolving the issue without further proceedings. The settlement was confirmed on December 20, following the applicants’ response to Sebi’s notice issued in October regarding the violations.