Three entities, including Utthishta Virat Fund, have reached a settlement with the Securities and Exchange Board of India (Sebi) after paying Rs 28.5 lakh for violating Alternate Investment Fund (AIF) norms and other regulatory rules. The settlement was made by Utthishta Virat Fund, Utthishta Management Advisors LLP, and P Rama Krishna, who faced potential enforcement actions for these violations. Sebi’s analysis revealed that Utthishta Virat Fund’s sponsor interest was below the required threshold of 2.5% of the investible corpus, violating AIF regulations. The matter was resolved after the applicants paid the settlement amount, confirming the resolution with Sebi.