Mumbai, March 6 -- The Securities Appellate Tribunal (SAT) on Friday partly allowed an appeal by Kotak Mahindra Asset Management Co. against a 2021 order by the Securities and Exchange Board of India (Sebi), setting aside the regulator's direction to disgorge management and advisory fees linked to investments made through six fixed maturity plans (FMPs).

The tribunal, however, upheld Sebi's findings of regulatory violations by Kotak AMC in the same investments, and dismissed a separate appeal challenging penalties imposed on the company and its senior executives.

The SAT also granted an eight-week extension of the stay on penalties to allow the appellants to approach the Supreme Court.

"There is no impact on the existing schemes or uni...