New Delhi, July 14 -- The Supreme Court on Monday delivered a strong message to India's mutual fund industry, holding that regulatory compliance cannot be compromised even if investors ultimately make gains, as it upheld findings of regulatory violations against Kotak Mahindra Trustee Company Ltd, Kotak Asset Management Company (AMC) managing director Nilesh Shah and other senior officials in connection with investments made through six fixed maturity plans (FMPs). Concluding its judgment with a caution to the industry, a bench of Justices Dipankar Datta and Satish Chandra Sharma coined the phrase: "Mandate first, gains later; Sebi compliance, never falter". The bench opened the judgment by referring to the familiar disclaimer accompanying ...