New Delhi, July 14 -- The Supreme Court on Monday upheld the Securities and Exchange Board of India's (SEBI) findings and penalties against Kotak Mahindra Asset Management Company (AMC), its trustee company, Managing Director Nilesh Shah and five other senior executives in a case involving alleged violations of mutual fund regulations linked to investments in Essel group debt.

A bench comprising Justices Dipankar Datta and Satish Chandra Sharma dismissed the appeals filed by Kotak AMC, Kotak Mahindra Trustee Company and the senior executives, affirming the findings of both the Securities Appellate Tribunal (SAT) and SEBI. The court ruled that compliance with mutual fund regulations cannot be overlooked even if investors eventually make p...