Kotak Alternate Asset Managers Limited

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS

This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANK LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/08/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Banking Products (Other than CD(s))
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE RESERVE BANK OF INDIA (RBI) ALLEGED THAT KOTAK MAHINDRA BANK LIMITED IN REPORTED A FOREIGN EXCHANGE TRANSACTION ON NET BASIS INSTEAD OF GROSS
BASIS, AS REQUIRED BY RBI.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
04/21/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 155.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
RBI IMPOSED A PENALTY OF INR.10000/- (ABOUT USD 155) ON KOTAK MAHINDRA BANK LIMITED WHICH WAS PAID VIDE CHEQUE ON 21ST APRIL 2017.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
IMPORTERS/EXPORTERS WHO WISH TO NET OFF THEIR RECEIVABLES/PAYABLES WITH THEIR OVERSEAS COUNTER PARTIES, NEEDTO OBTAIN RBI APPROVAL FOR SUCH
NETTING. RBI GRANTED APPROVAL FOR NETTING OFF TRANSACTION SUBJECT TO THE TERMSAND CONDITIONS THEREIN, WHICH INTER-ALIA INCLUDED A CONDITION THAT
KMBL SHOULD REPORT THE TRANSACTIONS ONGROSS BASIS IN RELEVANT RETURNS HOWEVER KMBL REPORTED THE TRANSACTION ON NET BASIS INSTEAD OF GROSS
BASIS. HAVING EXAMINED THE MATTER, RBI IMPOSED A PENALTY ON KMBL OF INR 10000 (ABOUT USD 155) FOR THE ERROR IN REPORTING .

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANKLIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/21/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Government
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE RESERVE BANK OF INDIA ALLEGED THAT IN RELATION TO A SECURITIES GENERAL LEDGER ("SGL") TRANSACTION IN BASKET REPO IN 182 DAY TREASURY BILLS CARRIED
OUT BY KOTAK MAHINDRA BANK LIMITED'S TREASURY DEPARTMENT, THERE WAS A SHORTAGE OF SECURITIES TO THE TUNE OF RS.91.42 CRORE (ABOUT US$ 15 MILLION.)
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
05/12/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 8,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
A FINE OF INR 0.5 MILLION EQUIVALENT TO ABOUT $8,000 WAS LEVIED BY RESERVE BANK OF INDIA AND PAID IN FULL.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
KOTAK MAHINDRA BANK LIMITED'S ("KMBL") TREASURY FUNCTION HAD UNDERTAKEN A SUBSIDIARY GENERAL LEDGER ("SGL")BORROWING TRANSACTION IN BASKET REPO IN
182 DAY TREASURY BILLS FOR INR.200.78 CRORES (ABOUT $33 MILLION) ONAPRIL 13, 2016. HOWEVER THERE WAS AN ERROR BY KMBL'S TREASURY IN COMPUTING THE
AVAILABLE SECURITIES BALANCERESULTING IN A SHORTFALL OF SECURITIES OF INR.91.42 CRORES (ABOUT $15 MILLION) IN THE SGL ACCOUNT OF KMBL WITHTHE
RESERVE BANK OF INDIA. AFTER CONSIDERING KMBL'S EXPLANATION, RBI IMPOSED A PENALTY OF INR 5 LAKH (ABOUT$8000) ON KMBL FOR THE SAID SGL BOUNCE.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANKLIMITED
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/21/2014
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Corporate
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE RESERVE BANK OF INDIA ALLEGED THAT KOTAK MAHINDRA BANK LIMITED HAS FAILED TO OBTAIN A NO OBJECTIONCERTIFICATE FROM THREE BANKS THAT HAD ALREADY
EXTENDED CREDIT FACILITIES TO DECCAN CHRONICLE HOLDINGS LIMITED(COMPANY) BEFORE EXTENDING A LOAN TO THE COMPANY AND FAILED TO INFORM THE BANK
WHICH HAD PROVIDED WORKINGCAPITAL FINANCE TO THE COMPANY ABOUT THE LOAN.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
08/01/2014
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 16,434.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction

 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
A PENALTY OF INDIAN RUPEES 1 MILLION EQUIVALENT TO US $16434 WAS LEVIED BY RESERVE BANK OF INDIA PAID IN FULL(INR/USD RATE USED IS 60.8510 AS AT 1
AUGUST 2014).
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
THE RESERVE BANK OF INDIA CONDUCTED A SCRUTINY OF THE BOOKS OF 12 BANKS DURING THE LAST QUARTER OF 2013 ONTHE PROCESS FOLLOWED IN THE MATTER OF
LENDING TO DECCAN CHRONICLE HOLDINGS LIMITED (COMPANY). EVEN THOUGHKOTAK MAHINDRA BANK LIMITED (KMBL) WAS AWARE THAT THE COMPANY HAD CREDIT
FACILITIES FROM OTHER BANKS, KMBLFAILED TO OBTAIN A NO-OBJECTION CERTIFICATE FROM OTHER BANKS BEFORE EXTENDING A LOAN TO THE COMPANY AND DIDNOT
INFORM THE BANK THAT HAD PROVIDED WORKING CAPITAL FINANCE TO THE COMPANY ABOUT THE LOAN. RESERVE BANK OFINDIA LEVIED A FINE OF INR 1 MILLION ON
KMBL FOR NOT FOLLOWING ITS GUIDELINES IN THE MATTER. KMBL BEING A PUBLICLISTED COMPANY ON THE EXCHANGES IN INDIA DISCLOSED THIS MATTER IN ITS ANNUAL
REPORT FOR THE YEAR 2014-15.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANK LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.

 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/11/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
RBI HAD LEVIED A PENALTY FOR FOLLOWING: ACCESS TO BANKING SERVICES - BASIC SAVINGS BANK DEPOSIT ACCOUNT: THE BANK OPENED ANOTHER BSBD ACCOUNT OF
CERTAIN CUSTOMERS WHO WERE ALREADY HOLDING BSBD ACCOUNT IN THE BANK; SCOPE OF ACTIVITIES TO BE UNDERTAKEN OF BUSINESS CORRESPONDENTS (BCS): THE
BANK ENTERED INTO AN ARRANGEMENT WITH BCS FOR UNDERTAKING ACTIVITIES, WHICH ARE NOT COVERED WITHIN THE SCOPE OF ACTIVITIES THAT CAN BE UNDERTAKEN
BY BCS CREDIT INFORMATION COMPANIES RULES, 2006 (CLC RULES) - THE BANK FURNISHED INACCURATE INFORMATION, IN RESPECT OF CERTAIN BORROWERS TO CREDIT
INFORMATION COMPANIES (CICS).
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
12/11/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 65,451.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KMBL HAS PAID THE PENALTY LEVIED BY RBI IN THE AMOUNT OF $65,451.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).

RBI HAD LEVIED A PENALTY FOR FOLLOWING: ACCESS TO BANKING SERVICES - BASIC SAVINGS BANK DEPOSIT ACCOUNT: THE BANK OPENED ANOTHER BSBD ACCOUNT OF
CERTAIN CUSTOMERS WHO WERE ALREADY HOLDING BSBD ACCOUNT IN THE BANK; SCOPE OF ACTIVITIES TO BE UNDERTAKEN OF BUSINESS CORRESPONDENTS (BCS): THE
BANK ENTERED INTO AN ARRANGEMENT WITH BCS FOR UNDERTAKING ACTIVITIES, WHICH ARE NOT COVERED WITHIN THE SCOPE OF ACTIVITIES THAT CAN BE UNDERTAKEN
BY BCS CREDIT INFORMATION COMPANIES RULES, 2006 (CLC RULES) - THE BANK FURNISHED INACCURATE INFORMATION, IN RESPECT OF CERTAIN BORROWERS TO CREDIT
INFORMATION COMPANIES (CICS).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK SECURITIES LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)

Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/14/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
KOTAK SECURITIES LIMITED ("KSL OR THE COMPANY") HAD RECEIVED TWO SHOW CAUSE NOTICES FROM NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("NSE") FOR THE
MATTERS OF MATCH & REVERSAL OF TRADES TRANSACTIONS BEARING REFERENCE NO: NSE/INVG/2021/110175 DATED OCTOBER 14, 2021 AND NO: NSE/INVG/2022/113998
DATED MAY 02, 2022. THE COMPANY'S CLIENT MR. RAJASEKHAR GUTTIKONDA (RK8U0) AND 2 OF HIS RELATIVES HAD EXECUTED SYNCHRONIZED / MATCHED TRADES AND
THESE TRADES WERE REVERSED WITH SAME COUNTERPARTIES. AFTER CONSIDERING ALL THE FACTS AND SUBMISSIONS, MCSGFC PASSED AN ORDER STATING THAT THESE
TRADES WERE NON GENUINE AND ABNORMAL TRADES AND THEREFORE COMPANY WAS LIABLE TO PAY A PENALTY OF ?47,57,300/- (RUPEES FORTY-SEVEN LAKHS FIFTY-
SEVEN THOUSAND AND THREE HUNDRED ONLY), I.E. 100% OF THE PROFIT MADE BY ONE PARTY AND 100% OF THE LOSS INCURRED BY THE COUNTERPARTY.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
10/14/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,131.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
THE COMPANY HAD RESPONDED TO THE SAID NOTICES AND A PERSONAL REPRESENTATION WAS DONE BEFORE THE MEMBER AND CORE SETTLEMENT GUARANTEE
FUND COMMITTEE ("MCSGFC") OF NSE ON JANUARY 23, 2023. THEREAFTER, THE COMPANY HAD RECEIVED ORDER OF MCSGFC DATED 29 AUG 2023, WHEREIN KSL
WAS DIRECTED TO PAY A PENALTY OF ?47,57,300/- (RUPEES FORTY-SEVEN LAKHS FIFTY-SEVEN THOUSAND AND THREE HUNDRED ONLY). THE PENALTY WAS ALREADY
DEBITED TO RESPECTIVE CLIENTS BEFORE THE ORDER. BASED ON MULTIPLE DISCUSSIONS WITH THE CLIENT, WE HAVE RECOVERED 50% OF THE PENALTY AMOUNT
FROM THE CLIENT, AND HAVE PAID THE BALANCE 50% OUT OF KSL'S OWN ACCOUNT. ON CLIENT'S REQUEST, WE HAVE ALSO FILED A REVIEW PETITION WITH
MCSGFC OF NSE FOR REDUCTION IN PENALTY AMOUNT. OUR REVIEW APPLICATION HAS BEEN PLACED BEFORE THE COMMITTEE IN THE MONTH OF MARCH 2024. THE
REVIEW PETITION HAS BEEN REJECTED BY THE MEMBER COMMITTEE OF THE EXCHANGE, AND THE PENALTY AMOUNT OF RS. 47,57,300 STANDS VALID. AS MENTIONED
EARLIER, 50% OF THE PENALTY AMOUNT WAS ALREADY RECOVERED FROM THE CLIENT, WHILE THE REMAINING 50% HAS BEEN BORNE BY KSL.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
KOTAK SECURITIES LIMITED ("KSL OR THE COMPANY") HAD RECEIVED TWO SHOW CAUSE NOTICES FROM NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("NSE") FOR THE
MATTERS OF MATCH & REVERSAL OF TRADES TRANSACTIONS BEARING REFERENCE NO: NSE/INVG/2021/110175 DATED OCTOBER 14, 2021 AND NO: NSE/INVG/2022/113998
DATED MAY 02, 2022. THE COMPANY'S CLIENT MR. RAJASEKHAR GUTTIKONDA (RK8U0) AND 2 OF HIS RELATIVES HAD EXECUTED SYNCHRONIZED / MATCHED TRADES AND
THESE TRADES WERE REVERSED WITH SAME COUNTERPARTIES. AFTER CONSIDERING ALL THE FACTS AND SUBMISSIONS, MCSGFC PASSED AN ORDER STATING THAT THESE
TRADES WERE NON GENUINE AND ABNORMAL TRADES AND THEREFORE COMPANY WAS LIABLE TO PAY A PENALTY OF ?47,57,300/- (RUPEES FORTY-SEVEN LAKHS FIFTY-
SEVEN THOUSAND AND THREE HUNDRED ONLY), I.E. 100% OF THE PROFIT MADE BY ONE PARTY AND 100% OF THE LOSS INCURRED BY THE COUNTERPARTY.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANK LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/04/2022
 Exact
 Explanation

If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
1.THE RESERVE BANK OF INDIA HAS LEVIED PENALTIES FOR FAILURE TO COMPLY WITH THE FOLLOWING PROVISIONS/ACT A.FOR NON-COMPLIANCE WITH DIRECTIONS ON
'CUSTOMER PROTECTION - LIMITING LIABILITY OF CUSTOMERS IN UNAUTHORISED ELECTRONIC BANKING TRANSACTIONS. B.FOR CONTRAVENTION OF THE PROVISIONS OF
SUBSECTION (2) OF SECTION 26A OF THE ACT READ WITH PARAGRAPH 3 OF THE DEPOSITOR EDUCATION AND AWARENESS FUND SCHEME' 2014. C.FOR NON-COMPLIANCE
WITH DIRECTIONS ON BANKS, EXPOSURE TO CAPITAL MARKETS - RATIONALIZATION OF NORMS' AND LOANS AND ADVANCES -STATUTORY AND OTHER
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
07/04/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 110,935.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KMBL HAS PAID THE PENALTY LEVIED BY RBI IN THE AMOUNT OF $110,935.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
1.THE RESERVE BANK OF INDIA HAS LEVIED PENALTIES FOR FAILURE TO COMPLY WITH THE FOLLOWING PROVISIONS/ACT A.FOR NON-COMPLIANCE WITH DIRECTIONS ON
'CUSTOMER PROTECTION - LIMITING LIABILITY OF CUSTOMERS IN UNAUTHORISED ELECTRONIC BANKING TRANSACTIONS. B.FOR CONTRAVENTION OF THE PROVISIONS OF
SUBSECTION (2) OF SECTION 26A OF THE ACT READ WITH PARAGRAPH 3 OF THE DEPOSITOR EDUCATION AND AWARENESS FUND SCHEME' 2014. C.FOR NON-COMPLIANCE
WITH DIRECTIONS ON BANKS, EXPOSURE TO CAPITAL MARKETS - RATIONALIZATION OF NORMS' AND LOANS AND ADVANCES -STATUTORY AND OTHER

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/04/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WE HAVE MADE A SETTLEMENT APPLICATION WITH SEBI IN RESPECT OF KOTAK INDIA GROWTH FUND - II, A VENTURE CAPITAL FUND, TO SETTLE THE EXTENSION OF
TENURE BEYOND THE TERM MENTIONED IN THE PRIVATE PLACEMENT MEMORANDUM OF THE FUND. SEBI'S INTERNAL COMMITTEE AT THEIR MEETING HAD PROPOSED A
SETTLEMENT AMOUNT OF ? 10,87,500 WHICH WE HAVE AGREED TO. THE SAID SETTLEMENT ORDER HAS NO IMPACT ON THE US ADVISORY BUSINESS OR ITS CLIENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final

9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
06/08/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,490.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KAAML HAS PAID THE SETTLEMENT FEES IN THE AMOUNT OF $11,490.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
WE HAVE MADE A SETTLEMENT APPLICATION WITH SEBI IN RESPECT OF KOTAK INDIA GROWTH FUND - II, A VENTURE CAPITAL FUND, TO SETTLE THE EXTENSION OF
TENURE BEYOND THE TERM MENTIONED IN THE PRIVATE PLACEMENT MEMORANDUM OF THE FUND. SEBI'S INTERNAL COMMITTEE AT THEIR MEETING HAD PROPOSED A
SETTLEMENT AMOUNT OF ? 10,87,500 WHICH WE HAVE AGREED TO. THE SAID SETTLEMENT ORDER HAS NO IMPACT ON THE US ADVISORY BUSINESS OR ITS CLIENTS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/30/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEBI HAD INTRODUCED AN INDUSTRY WIDE SETTLEMENT SCHEME WHEREBY ALL VENTURE CAPITAL FUNDS (VCFS) WHICH HAVE MIGRATED TO THE AIF REGULATIONS COULD
MAKE AN APPLICATION TO SETTLE THE EXTENSION OF TENURE BEYOND THE TERM MENTIONED IN THE PRIVATE PLACEMENT MEMORANDUM OF THE FUND. OUR FUND NAMED
KOTAK INDIA VENTURE FUND - I MADE AN APPLICATION UNDER THE SETTLEMENT SCHEME AND PAID AN AMOUNT OF INR 450,000 TO SETTLE THE EXTENSION OF TENURE OF
THE FUND. THE SAID SETTLEMENT ORDER HAS NO IMPACT ON THE US ADVISORY BUSINESS OR ITS CLIENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
03/10/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 4,754.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KAAML HAS PAID THE SETTLEMENT FEES IN THE AMOUNT OF $4,754.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
SEBI HAD INTRODUCED AN INDUSTRY WIDE SETTLEMENT SCHEME WHEREBY ALL VENTURE CAPITAL FUNDS (VCFS) WHICH HAVE MIGRATED TO THE AIF REGULATIONS COULD
MAKE AN APPLICATION TO SETTLE THE EXTENSION OF TENURE BEYOND THE TERM MENTIONED IN THE PRIVATE PLACEMENT MEMORANDUM OF THE FUND. OUR FUND NAMED
KOTAK INDIA VENTURE FUND - I MADE AN APPLICATION UNDER THE SETTLEMENT SCHEME AND PAID AN AMOUNT OF INR 450,000 TO SETTLE THE EXTENSION OF TENURE OF
THE FUND. THE SAID SETTLEMENT ORDER HAS NO IMPACT ON THE US ADVISORY BUSINESS OR ITS CLIENTS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANK LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/17/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
RBI HAD IMPOSED A PENALTY OF INR 3.95 CRORE ON THE BANK FOR FOLLOWING CONTRAVENTIONS: A) FAILURE TO CARRY OUT ANNUAL REVIEW/DUE DILIGENCE OF THE
SERVICE PROVIDER B) FAILURE TO ENSURE THAT CUSTOMERS ARE NOT CONTACTED AFTER 7 PM AND BEFORE 7 AM C) LEVYING INTEREST FROM THE DISBURSEMENT DUE
DATE INSTEAD OF THE ACTUAL DATE OF DISBURSEMENT, CONTRARY TO THE TERMS & CONDITIONS OF SANCTION D) LEVYING FORECLOSURE CHARGE DESPITE THERE BEING
NO CLAUSE IN THE LOAN AGREEMENT FOR LEVY OF PREPAYMENT PENALTY ON LOANS RECALLED/FORECLOSURE INITIATED BY THE BANK.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
10/17/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 417,327.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KMBL HAS PAID THE PENALTY LEVIED BY RBI IN THE AMOUNT OF $417,327.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
RBI HAD IMPOSED A PENALTY OF INR 3.95 CRORE ON THE BANK FOR FOLLOWING CONTRAVENTIONS: A) FAILURE TO CARRY OUT ANNUAL REVIEW/DUE DILIGENCE OF THE
SERVICE PROVIDER B) FAILURE TO ENSURE THAT CUSTOMERS ARE NOT CONTACTED AFTER 7 PM AND BEFORE 7 AM C) LEVYING INTEREST FROM THE DISBURSEMENT DUE
DATE INSTEAD OF THE ACTUAL DATE OF DISBURSEMENT, CONTRARY TO THE TERMS & CONDITIONS OF SANCTION D) LEVYING FORECLOSURE CHARGE DESPITE THERE BEING
NO CLAUSE IN THE LOAN AGREEMENT FOR LEVY OF PREPAYMENT PENALTY ON LOANS RECALLED/FORECLOSURE INITIATED BY THE BANK.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/07/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
KOTAK ALTERNATE ASSET MANAGERS LIMITED (KAAML), KOTAK SEAF INDIA FUND AND KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED (KMTSL) HAD RECEIVED A SHOW
CAUSE NOTICE DATED DECEMBER 07, 2023 FROM SEBI IN THE MATTER OF INDIA GROWTH FUND ("IGF"), A SCHEME OF KOTAK SEAF INDIA FUND (VENTURE CAPITAL FUND)
MANAGED BY KAAML AND FOR WHICH KMTSL WAS ACTING AS TRUSTEE, IN WHICH SEBI HAD ALLEGED THAT IGF WAS WOUND UP BEYOND THE TERM SPECIFIED IN IGF'S
PRIVATE PLACEMENT MEMORANDUM ("PPM"). THE TERM OF IGF WAS EXTENDED WITH THE CONSENT OF THE SUPER MAJORITY OF THE CONTRIBUTORS IN ACCORDANCE
WITH THE TERMS OF THE CONTRIBUTION AGREEMENT READ WITH THE PRIVATE PLACEMENT MEMORANDUM OF THE SCHEME. HOWEVER, SEBI HAD TREATED THIS
EXTENSION AS A VIOLATION UNDER REGULATION 23(1) (A) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS READ WITH REGULATION 39 OF SEBI AIF REGULATIONS AND
LEVIED A PENALTY OF RS.3,00,000/- JOINTLY AND SEVERALLY ON KAAML, KOTAK SEAF INDIA FUND AND KMTSL VIDE ADJUDICATION ORDER DATED FEBRUARY 21, 2024. AN
APPEAL WAS FILED BEFORE THE SECURITIES APPELLATE TRIBUNAL (SAT) AGAINST THE AFORESAID ADJUDICATION ORDER. THE SAID APPEAL HAS NOW BEEN WITHDRAWN
AND THE CASE STANDS CLOSED. THE PENALTY AS LEVIED BY SEBI HAS BEEN PAID BY KAAML. THE SAID ADJUDICATION ORDER HAS NO IMPACT ON THE US ADVISORY
BUSINESS OR ITS CLIENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
04/27/2026
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 3,170.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KAAML HAS PAID THE PENALTY LEVIED BY SEBI IN THE AMOUNT OF $3,170.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
KOTAK ALTERNATE ASSET MANAGERS LIMITED (KAAML), KOTAK SEAF INDIA FUND AND KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED (KMTSL) HAD RECEIVED A SHOW
CAUSE NOTICE DATED DECEMBER 07, 2023 FROM SEBI IN THE MATTER OF INDIA GROWTH FUND ("IGF"), A SCHEME OF KOTAK SEAF INDIA FUND (VENTURE CAPITAL FUND)
MANAGED BY KAAML AND FOR WHICH KMTSL WAS ACTING AS TRUSTEE, IN WHICH SEBI HAD ALLEGED THAT IGF WAS WOUND UP BEYOND THE TERM SPECIFIED IN IGF'S
PRIVATE PLACEMENT MEMORANDUM ("PPM"). THE TERM OF IGF WAS EXTENDED WITH THE CONSENT OF THE SUPER MAJORITY OF THE CONTRIBUTORS IN ACCORDANCE
WITH THE TERMS OF THE CONTRIBUTION AGREEMENT READ WITH THE PRIVATE PLACEMENT MEMORANDUM OF THE SCHEME. HOWEVER, SEBI HAD TREATED THIS
EXTENSION AS A VIOLATION UNDER REGULATION 23(1) (A) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS READ WITH REGULATION 39 OF SEBI AIF REGULATIONS AND
LEVIED A PENALTY OF RS.3,00,000/- JOINTLY AND SEVERALLY ON KAAML, KOTAK SEAF INDIA FUND AND KMTSL VIDE ADJUDICATION ORDER DATED FEBRUARY 21, 2024. AN
APPEAL WAS FILED BEFORE THE SECURITIES APPELLATE TRIBUNAL (SAT) AGAINST THE AFORESAID ADJUDICATION ORDER. THE SAID APPEAL HAS NOW BEEN WITHDRAWN
AND THE CASE STANDS CLOSED. THE PENALTY AS LEVIED BY SEBI HAS BEEN PAID BY KAAML. THE SAID ADJUDICATION ORDER HAS NO IMPACT ON THE US ADVISORY
BUSINESS OR ITS CLIENTS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action

Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK SECURITIES LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/06/2024
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:

No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
KOTAK SECURITIES LIMITED ("KSL OR THE COMPANY") HAD RECEIVED SHOW CAUSE NOTICE FROM NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("NSE") FOR THE
MATTERS OF MATCH & REVERSAL OF TRADES TRANSACTIONS BEARING REFERENCE NO: NSE/INVG/2024/136511 DATED AUGUST 06, 2024. THE 2 CLIENTS HAD EXECUTED
SYNCHRONIZED / MATCHED TRADES AND THESE TRADES WERE REVERSED WITH SAME COUNTERPARTIES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
08/06/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,665.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KSL HAS PAID THE BALANCE PENALTY AMOUNT LEVIED BY NATIONAL STOCK EXCHANGE OF INDIA IN THE AMOUNT OF $2,665.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
KOTAK SECURITIES LIMITED ("KSL OR THE COMPANY") HAD RECEIVED SHOW CAUSE NOTICE FROM NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("NSE") FOR THE
MATTERS OF MATCH & REVERSAL OF TRADES TRANSACTIONS BEARING REFERENCE NO: NSE/INVG/2024/136511 DATED AUGUST 06, 2024. THE 2 CLIENTS HAD EXECUTED
SYNCHRONIZED / MATCHED TRADES AND THESE TRADES WERE REVERSED WITH SAME COUNTERPARTIES.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA ASSET
MANAGEMENT COMPANY LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
05/10/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED (AMC) HAS BEEN SERVED A SHOW CAUSE NOTICE (SCN) BY SEBI, VIDE ITS LETTER NO.
SEBI/HO/IMD/DF2/OW/P/2019/11854/1 DATED MAY 10, 2019, AND SUPPLEMENTARY SHOW CAUSE NOTICE VIDE SEBI'S LETTER NO.
SEBI/HO/IMD/DF2/OW/P/2019/014772/1 DATED JUNE 12, 2019, ISSUED UNDER SECTION 11(1), 11B AND 11B (2) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT,
1992 READ WITH PROVISIONS OF SEBI (MUTUAL FUND) REGULATIONS, 1996, IN THE MATTER OF KOTAK MAHINDRA ASSET MANAGEMENT CO. LTD. THE ALLEGED CHARGE IS,
THAT ON MATURITY DATE OF KOTAK FMP SERIES 127 AND 183, CLOSE ENDED DEBT SCHEMES, INVESTORS WERE NOT PAID FULL PROCEEDS ON THE DECLARED NAV DUE TO
PENDING RECOVERY OF DUES FROM ESSEL GROUP OF COMPANIES. THE AMC VIDE ITS LETTER DATED AUGUST 29, 2019, HAD FILED ITS REPLY TO THE AFORESAID SHOW
CAUSE NOTICE AND SUPPLEMENTARY SHOW CAUSE NOTICE. KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED (AMC) HAS BEEN SERVED A SHOW CAUSE NOTICE
(SCN) BY SEBI, VIDE ITS LETTER NO. SEBI/HO/IMD/DF2/OW/P/2020/13217/1 DATED AUGUST 13, 2020 IN THE MATTER OF KOTAK FMP SERIES 187, 189, 193 AND 194,
ISSUED UNDER SECTION 11(1), 11B AND 11B(2) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ RULE 4 (1) OF THE SEBI ( PROCEDURE FOR HOLDING
INQUIRY AND IMPOSING PENALTIES) RULES, 1995 FOR INQUIRY AND IMPOSING PENALTY UNDER SECTIONS 15D (B) AND 15 HB OF THE ACT READ WITH PROVISIONS OF THE
SEBI (MUTUAL FUND) REGULATIONS, 1996. SEBI VIDE ITS ORDER NO. WTM/SM/IMD/IMD-I DOF2/13158/2021-22 DATED AUGUST 27, 2021 HAD ISSUED CERTAIN DIRECTIONS
AND IMPOSED PENALTY TO KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED (KMAMC). KMAMC HAD ALSO BEEN RESTRAINED FROM LAUNCHING ANY NEW FMP

SCHEME FOR A PERIOD OF SIX MONTHS FROM THE DATE OF SEBI ORDER. THE BOARD OF KOTAK ASSET MANAGEMENT COMPANY LTD HAD FILED AN APPEAL BEFORE THE
SECURITIES APPELLATE TRIBUNAL AGAINST THE SEBI ORDER DATED AUGUST 27, 2021. THE SAT HEARING WAS HELD ON AUGUST 24, 2022 AND HAS GRANTED STAY ON
DIRECTION ISSUED UNDER SEBI ORDER DATED JUNE 30, 2022. THE SAT HEARING FOR SEBI ORDER DATED AUGUST 27, 2021 AND JUNE 30, 2022 HAS BEEN ADJOURNED TO
MARCH 19, 2025, THE ORDER HAS BEEN RESERVED BY SAT. SAT, VIDE ITS ORDER DATED MARCH 6, 2026, HAS GRANTED RELIEF IN RESPECT OF THE DIRECTION RELATING TO
DISGORGEMENT OF INVESTMENT MANAGEMENT FEES, WHILE UPHOLDING THE SEBI ORDER ON PENALTIES. THE SAT HAS FURTHER GRANTED EIGHT WEEKS' TIME TO PURSUE
APPROPRIATE LEGAL REMEDIES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
11. Resolution Date (MM/DD/YYYY):
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED (AMC) HAS BEEN SERVED A SHOW CAUSE NOTICE (SCN) BY SEBI, VIDE ITS LETTER NO.
SEBI/HO/IMD/DF2/OW/P/2019/11854/1 DATED MAY 10, 2019, AND SUPPLEMENTARY SHOW CAUSE NOTICE VIDE SEBI'S LETTER NO.
SEBI/HO/IMD/DF2/OW/P/2019/014772/1 DATED JUNE 12, 2019, ISSUED UNDER SECTION 11(1), 11B AND 11B (2) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT,
1992 READ WITH PROVISIONS OF SEBI (MUTUAL FUND) REGULATIONS, 1996, IN THE MATTER OF KOTAK MAHINDRA ASSET MANAGEMENT CO. LTD. THE ALLEGED CHARGE IS,
THAT ON MATURITY DATE OF KOTAK FMP SERIES 127 AND 183, CLOSE ENDED DEBT SCHEMES, INVESTORS WERE NOT PAID FULL PROCEEDS ON THE DECLARED NAV DUE TO
PENDING RECOVERY OF DUES FROM ESSEL GROUP OF COMPANIES. THE AMC VIDE ITS LETTER DATED AUGUST 29, 2019, HAD FILED ITS REPLY TO THE AFORESAID SHOW
CAUSE NOTICE AND SUPPLEMENTARY SHOW CAUSE NOTICE. KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED (AMC) HAS BEEN SERVED A SHOW CAUSE NOTICE
(SCN) BY SEBI, VIDE ITS LETTER NO. SEBI/HO/IMD/DF2/OW/P/2020/13217/1 DATED AUGUST 13, 2020 IN THE MATTER OF KOTAK FMP SERIES 187, 189, 193 AND 194,
ISSUED UNDER SECTION 11(1), 11B AND 11B(2) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ RULE 4 (1) OF THE SEBI ( PROCEDURE FOR HOLDING
INQUIRY AND IMPOSING PENALTIES) RULES, 1995 FOR INQUIRY AND IMPOSING PENALTY UNDER SECTIONS 15D (B) AND 15 HB OF THE ACT READ WITH PROVISIONS OF THE
SEBI (MUTUAL FUND) REGULATIONS, 1996. SEBI VIDE ITS ORDER NO. WTM/SM/IMD/IMD-I DOF2/13158/2021-22 DATED AUGUST 27, 2021 HAD ISSUED CERTAIN DIRECTIONS
AND IMPOSED PENALTY TO KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED (KMAMC). KMAMC HAD ALSO BEEN RESTRAINED FROM LAUNCHING ANY NEW FMP
SCHEME FOR A PERIOD OF SIX MONTHS FROM THE DATE OF SEBI ORDER. THE BOARD OF KOTAK ASSET MANAGEMENT COMPANY LTD HAD FILED AN APPEAL BEFORE THE
SECURITIES APPELLATE TRIBUNAL AGAINST THE SEBI ORDER DATED AUGUST 27, 2021. THE SAT HEARING WAS HELD ON AUGUST 24, 2022 AND HAS GRANTED STAY ON
DIRECTION ISSUED UNDER SEBI ORDER DATED JUNE 30, 2022. THE SAT HEARING FOR SEBI ORDER DATED AUGUST 27, 2021 AND JUNE 30, 2022 HAS BEEN ADJOURNED TO
MARCH 19, 2025, THE ORDER HAS BEEN RESERVED BY SAT. SAT, VIDE ITS ORDER DATED MARCH 6, 2026, HAS GRANTED RELIEF IN RESPECT OF THE DIRECTION RELATING TO
DISGORGEMENT OF INVESTMENT MANAGEMENT FEES, WHILE UPHOLDING THE SEBI ORDER ON PENALTIES. THE SAT HAS FURTHER GRANTED EIGHT WEEKS' TIME TO PURSUE
APPROPRIATE LEGAL REMEDIES.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/12/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
KOTAK OPTIMUS MODERATE SCHEME ("THE SCHEME"), A SCHEME OF KOTAK ALTERNATE ASSETS FUND III ('THE FUND') BEING A CATEGORY III ALTERNATIVE INVESTMENT
FUND HAVING SEBI REGISTRATION NO. IN/AIF3/18-19/0604 DATED OCTOBER 19, 2018. THE OBJECTIVE OF THE SCHEME IS TO ACHIEVE MODERATE CAPITAL APPRECIATION
OF ASSETS BY EQUALLY ALLOCATING INVESTMENTS TO DEBT AND EQUITY SECURITIES. INVESTMENTS ARE WELL DIVERSIFIED TO REDUCE SIGNIFICANT RISKS TO ANY
PARTICULAR INVESTMENT IN THE PORTFOLIO. KOTAK ALTERNATE ASSET MANAGERS LIMITED ("KAAML"), A SUBSIDIARY OF KOTAK MAHINDRA BANK LIMITED, ACTS AS THE
INVESTMENT MANAGER TO THE SCHEME. AS PART OF THE INVESTMENT STRATEGY, THE SCHEME INVESTS IN TAX FREE BONDS OF PUBLIC SECTOR UNIT (PSU) ISSUERS. AS
PER SEBI AIF REGULATIONS, 2012, A CATEGORY III AIF IS NOT ALLOWED TO INVEST MORE THAN 10% OF INVESTABLE FUNDS (IN CASE OF ALL ASSET CLASSES EXCEPT

EQUITY) IN A SINGLE INVESTEE COMPANY. HOWEVER, THE SCHEME INADVERTENTLY BREACHED THE LIMIT OF 10% IN ONE OF THE DEBT PORTFOLIO INVESTMENTS IN A PSU
VIZ. INDIAN RAILWAY FINANCIAL CORPORATION, DONE BY THE SCHEME FROM MAY 13, 2022 TILL JULY 11, 2022. IN THE ISSUER LIMIT TRACKER FILE, AGAINST EACH
TRADE/SECURITY, THE NAME OF THE ISSUER WAS MANUALLY INSERTED/WRITTEN WHICH WAS THE ROOT CAUSE FOR THE BREACH OF THE CONCENTRATION LIMIT, AS THE
MAKER OF THE ISSUER LIMIT TRACKER HAD WRITTEN AN INCORRECT NAME OF THE ISSUER AGAINST THE PARTICULAR SECURITY. FOR E.G.; IRFC 08.48% TAXFREE SERIES
89A OPTION-II21-NOV-2028 BOND WAS MARKED AGAINST ISSUER NAME OF REC, RESULTING IN TO INCORRECT AMOUNT OF INVESTMENTS AS WELL AS ITS VALUATION
AGAINST THE ISSUER I.E. IRFC, WHICH IN TURN RESULTED INTO THE BREACH OF SEBI CONCENTRATION LIMIT NORMS. THE SETTLEMENT PROCEEDING IN RESPECT OF THE
SAID DEFAULT HAS BEEN CLOSED WITH SEBI. THE SAID SETTLEMENT ORDER HAS NO IMPACT ON THE US ADVISORY BUSINESS OR ITS CLIENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
01/30/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 8,320.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KAAML HAS PAID THE SETTLEMENT FEES TO SEBI IN THE AMOUNT OF $8,320.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
KOTAK OPTIMUS MODERATE SCHEME ("THE SCHEME"), A SCHEME OF KOTAK ALTERNATE ASSETS FUND III ('THE FUND') BEING A CATEGORY III ALTERNATIVE INVESTMENT
FUND HAVING SEBI REGISTRATION NO. IN/AIF3/18-19/0604 DATED OCTOBER 19, 2018. THE OBJECTIVE OF THE SCHEME IS TO ACHIEVE MODERATE CAPITAL APPRECIATION
OF ASSETS BY EQUALLY ALLOCATING INVESTMENTS TO DEBT AND EQUITY SECURITIES. INVESTMENTS ARE WELL DIVERSIFIED TO REDUCE SIGNIFICANT RISKS TO ANY
PARTICULAR INVESTMENT IN THE PORTFOLIO. KOTAK ALTERNATE ASSET MANAGERS LIMITED ("KAAML"), A SUBSIDIARY OF KOTAK MAHINDRA BANK LIMITED, ACTS AS THE
INVESTMENT MANAGER TO THE SCHEME. AS PART OF THE INVESTMENT STRATEGY, THE SCHEME INVESTS IN TAX FREE BONDS OF PUBLIC SECTOR UNIT (PSU) ISSUERS. AS
PER SEBI AIF REGULATIONS, 2012, A CATEGORY III AIF IS NOT ALLOWED TO INVEST MORE THAN 10% OF INVESTABLE FUNDS (IN CASE OF ALL ASSET CLASSES EXCEPT
EQUITY) IN A SINGLE INVESTEE COMPANY. HOWEVER, THE SCHEME INADVERTENTLY BREACHED THE LIMIT OF 10% IN ONE OF THE DEBT PORTFOLIO INVESTMENTS IN A PSU
VIZ. INDIAN RAILWAY FINANCIAL CORPORATION, DONE BY THE SCHEME FROM MAY 13, 2022 TILL JULY 11, 2022. IN THE ISSUER LIMIT TRACKER FILE, AGAINST EACH
TRADE/SECURITY, THE NAME OF THE ISSUER WAS MANUALLY INSERTED/WRITTEN WHICH WAS THE ROOT CAUSE FOR THE BREACH OF THE CONCENTRATION LIMIT, AS THE
MAKER OF THE ISSUER LIMIT TRACKER HAD WRITTEN AN INCORRECT NAME OF THE ISSUER AGAINST THE PARTICULAR SECURITY. FOR E.G.; IRFC 08.48% TAXFREE SERIES
89A OPTION-II21-NOV-2028 BOND WAS MARKED AGAINST ISSUER NAME OF REC, RESULTING IN TO INCORRECT AMOUNT OF INVESTMENTS AS WELL AS ITS VALUATION
AGAINST THE ISSUER I.E. IRFC, WHICH IN TURN RESULTED INTO THE BREACH OF SEBI CONCENTRATION LIMIT NORMS. THE SETTLEMENT PROCEEDING IN RESPECT OF THE
SAID DEFAULT HAS BEEN CLOSED WITH SEBI. THE SAID SETTLEMENT ORDER HAS NO IMPACT ON THE US ADVISORY BUSINESS OR ITS CLIENTS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G.
of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed
Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event
gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KOTAK MAHINDRA BANK LIMITED
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for
registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that
event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than
ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for
the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
RESERVE BANK OF INDIA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/11/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
RBI HAD LEVIED A PENALTY FOR FOLLOWING: (A)THE BANK FAILED TO ENSURE THAT THE OUTSTANDING 'LOAN COMPONENT' WAS AT LEAST THE SPECIFIED PERCENTAGE OF
THE SANCTIONED FUND-BASED WORKING CAPITAL LIMIT FOR CERTAIN BORROWERS IN LINE WITH RBI GUIDELINES ON LOAN SYSTEM FOR DELIVERY OF BANK CREDIT.
(B)THE BANK DID NOT COMPLY WITH THE MARGIN REQUIREMENTS FOR INTRA-DAY LIMITS TO CERTAIN STOCK-BROKERS IN LINE WITH RBI GUIDELINES ON 'LOANS AND
ADVANCES - STATUTORY AND OTHER RESTRICTION

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
04/11/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 64,870.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations
Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and
whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion
levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
KMBL HAS PAID THE PENALTY LEVIED BY RBI IN THE AMOUNT OF $64,870.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the
space provided).
RBI HAD LEVIED A PENALTY FOR FOLLOWING: (A)THE BANK FAILED TO ENSURE THAT THE OUTSTANDING 'LOAN COMPONENT' WAS AT LEAST THE SPECIFIED PERCENTAGE OF
THE SANCTIONED FUND-BASED WORKING CAPITAL LIMIT FOR CERTAIN BORROWERS IN LINE WITH RBI GUIDELINES ON LOAN SYSTEM FOR DELIVERY OF BANK CREDIT.
(B)THE BANK DID NOT COMPLY WITH THE MARGIN REQUIREMENTS FOR INTRA-DAY LIMITS TO CERTAIN STOCK-BROKERS IN LINE WITH RBI GUIDELINES ON 'LOANS AND
ADVANCES - STATUTORY AND OTHER RESTRICTION