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HSBC Asset Management (India) Private Limited: investment adviser

HSBC Asset Management (India) Private Limited is an investment adviser registered with the SEC (file 802-127368, CRD 324468). What it reports on Form ADV: assets and clients, fees, owners, disciplinary history and its client brochure. From the SEC's Investment Adviser Public Disclosure site; read Oct 21, 2026.

Assets managed
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Discretionary
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Accounts
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Employees
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In advisory roles
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Disclosures
10

Company page · SEC adviser record · Full Form ADV (PDF)

The firm reports no custody of client cash or securities.

Form ADV Part 1A, Item 5, as filed on the SEC Investment Adviser Public Disclosure site; read Oct 21, 2026.

Who owns it

Schedule A lists direct owners of 5% or more (and officers who own a stake); Schedule B lists the owners of those owners.

Direct owners (Schedule A)

OwnerTypeRoleStakeSinceControlPublic company
HSBC Securities and Capital Markets (India) Private LtdCompany (outside the U.S.)Sole shareholderE 75% or moreDec 2001Yes

Indirect owners (Schedule B)

OwnerOwns a stake inTypeStakeControlPublic company
HSBC Finance (Netherlands)HSBC Holdings BVCompany (outside the U.S.)E 75% or moreYes
HSBC Holdings BVHSBC Investment Bank Holdings BVCompany (outside the U.S.)E 75% or moreYes
HSBC Holdings PLCHSBC Finance (Netherlands)Company (outside the U.S.)E 75% or moreYesYes

Form ADV reports ownership in bands, not exact stakes: A means 5% to 10%, B 10% to 25%, C 25% to 50%, D 50% to 75%, E 75% or more. F marks a general partner, trustee or managing member, a role that controls the firm without a percentage. Owners of less than 5% are not listed.

Form ADV Schedules A and B, via the SEC Investment Adviser Public Disclosure site.

Disciplinary history

What the firm disclosed under Item 11 of Form ADV. A disclosure is the firm's own report: pending matters are allegations, not findings, and many settlements are made without admitting or denying them. Text is quoted from the filing, set in sentence case.

Item 11 questions answered Yes

These questions cover the firm and its advisory affiliates.

  • Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: ever found you or any advisory affiliate to have made a false statement or omission, or been dishonest, unfair, or unethical?
  • Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: ever found you or any advisory affiliate to have been involved in a violation of investment-related regulations or statutes?
  • Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: in the past ten years, entered an order against you or any advisory affiliate in connection with an investment-related activity?
  • G. Are you or any advisory affiliate now the subject of any regulatory proceeding that could result in a "yes" answer to any part of Item 11.C.,

Actions about the firm (2)

  1. Jul 25, 2024
    Regulatory Action: Securities and Exchange Board of India (Sebi). FinalSanctions: Other; Monetary fine · Fine: $5,963 · Begun Nov 6, 2023 · Resolved Jul 25, 2024 · Order

    Sebi issued a SCN dated nov 06, 2023 under section 15-I(3) of sebi act, 1992 calling upon amin to show cause as to why the ao order dated aug 23, 2023 should not be revised under section 15-I(3) of sebi act, 1992.

    Amin acquired the entire share capital of l&t investment management limited ("l&t amc"), the asset management company of erstwhile l&t mutual fund, on 25 November 2022 and l&t amc was subsequently merged with amin. Pursuant to the sebi inspection of l&t amc for the period 01 April 2019 to 31 March 2021, sebi had issued show cause notice (SCN) dated 20 March 2023 & supplementary SCN dated June 16, 2023 alleging l&t amc of not complying with sebi circular no. MFD/cir/6/73/2000 dated 27 July 2000, regulation 25(2) and clause 9 of fifth schedule-part a of sebi (mutual funds) regulations, 1996. Adjudicating officer (AO) of sebi vide its order dated 23 August 2023, had disposed of the said SCNS without imposing any penalty. Subsequently, sebi issued a SCN dated 06 nov 2023 under section 15-I(3) of sebi act, 1992 calling upon amin to show cause as to why the AO order dated 23 aug 2023 should not be revised under section 15-I(3) of sebi act, 1992. Amin has responded to the SCN on 22 December 2023. A personal hearing on the matter was held on 28 February 2024. Sebi vide its order dated 25 July 2024 imposed a penalty of inr 5 lakhs on amin. Amin paid the penalty to sebi on 1 August 2024.

  2. May 27, 2024
    Regulatory Action: Securities and Exchange Board of India FinalSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $28,653 · Begun Aug 4, 2023 · Resolved May 27, 2024 · Vacated

    The local regulator, Securities and Exchange Board of India (SEBI) issued a show cause notice dated 04 August 2023, to the advisory firm and the members of the fund trustees as on that date, (hereinafter referred to as "said trustees") alleging violation of regulation 18(9) of the SEBI (mutual funds) regulations, 1996 ("the regulations") by the said trustees, and violation of clause 5 of the fifth schedule of the regulations and clause 1.3.1 (c) of SEBI circular no. SEBI/ho/imd/DF2/cir/2021/683 dated 10 December 2021, by the advisory firm.

    The advisory firm along-with the said trustees have filed a settlement application dated 05 October 2023 under the sebi (settlement proceedings) regulations, 2018 and sebi vide its settlement order dated 27 May 2024 has disposed of the adjudication proceedings initiated vide show cause notice dated 04 August 2023.

Actions about affiliates (8)

  1. Sep 3, 2025
    Regulatory Action: Securities & Exchange Board of India FinalAbout an affiliate: HSBC Securities & CapitalSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Begun Apr 12, 2017 · Resolved Sep 3, 2025 · Other · Docket N.A.

    The securities and exchange board of INDIA, the regulatory authority for securities and commodities market in INDIA, by letter dated April 11, 2017 informed HSBC Securities & Capital markets (INDIA) private limited (HSCI) regarding the initiation of adjudication proceedings under sebi act, 1992. The matter was in connection with one of the open offer transaction managed by HSCI.

  2. Feb 21, 2025
    Regulatory Action: UK Competition and Markets Authority (Cma) FinalAbout an affiliate: HSBC Holdings PLCSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $30.0M · Begun May 24, 2023 · Resolved Feb 21, 2025 · Settled

    In May 2023 the competition and markets authority issued a statement of objections to five banks (Deutsche bank, Morgan stanley, royal bank of Canada, Citi, and HSBC). In February 2025, the competition and markets authority announced that it had reached a settlement with HSBC. HSBC accepted that a single HSBC trader had shared competitively sensitive information on 12 separate occasions with a Deutsche bank trader in a one-to-one chatroom from October 2009 to July 2010. The information concerned the issuing and trading of gilts.

    In February 2025, HSBC Holdings (as parent) and HSBC bank PLC accepted that a single HSBC bank PLC trader had shared competitvely-sensitive information with Deutsche bank on 12 occassions over 2009-2010. HSBC has agreed to pay a fine of GBP £23.4m (approx usd $30m). No information Filed

  3. Jan 4, 2024
    Regulatory Action: Securities and Exchange Board of India (Sebi) FinalAbout an affiliate: Gupta, Abhishek, MukeshSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $23,193 · Begun Jan 4, 2024 · Consent

    Sebi has issued a show cause notice dated January 4, 2024, under rule 4 of sebi (procedure for holding inquiry and imposing penalties) rules, 1995 to one of the key employees of the amc in a matter pertaining to his past employer and along with others, alleging violation of sebi regulations.

  4. Aug 18, 2023
    Regulatory Action: Governors of the Federal Reserve System (The "Federal Reserve") FinalAbout an affiliate: HSBC North America; the full record is on the affiliate's own Form ADVSanctions: Cease and Desist; Monetary fine · Fine: $175.3M · Begun Sep 29, 2017 · Resolved Aug 18, 2023 · Consent · Docket 17-010-B-FB;17-010-B-HC;17-010-CMP-FB;17-010-CMP-HC

    In September 2017, following the conclusion of the US Federal Reserve board's review of the effectiveness of HSBC's FX practices during the period of October 2008 through October 2013, HSBC holdings PLC and HSBC North America holdings inc. entered into a consent order regarding certain deficiencies in HSBC's control and oversight over its FX business. HSBC through various subsidiaries of holdings, including hbeu and hbus, lacked adequate governance, risk management, compliance and audit policies and procedures to ensure that HSBC's covered FX activities complied with safe and sound banking practices and applicable internal policies. On August 18, 2023, the Federal Reserve board concluded that HSBC was in full compliance and terminated the consent order.

  5. Feb 17, 2023
    Regulatory Action: Securities and Exchange Board of India FinalAbout an affiliate: Shah, Jalpan, NMNSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $141,000 · Begun Jun 14, 2022 · Resolved Feb 17, 2023 · Settled · Docket N.A.

    The indian regulator, securities & exchange board of india had issued a show cause notice dated 14 June 2022 to ltiml, an advisory affiliate and certain employees of ltiml alleging certain deficiencies and non-compliances with respect to certain provisions of sebi (mutual funds) regulations, 1996 in relation to the thematic inspection of inter-scheme transfers of the ltiml in the period from 01 April 2017 to 30 June 2018.

    HSBC Asset Management (India) Private Limited acquired the entire share capital of l&t investment management limited ("LTIML"), the asset management company of erstwhile l&t mutual fund, on 25 November 2022 ("LTMF acquisition"). Sebi had issued a show cause notice dated 14 June 2022 to LTIML and certain employees of LTIML alleging certain deficiencies and non-compliances with respect to certain provisions of sebi (mutual funds) regulations, 1996 in relation to the thematic inspection of inter-scheme transfers of the LTIML in the period from 01 April 2017 to 30 June 2018. LTIML along with the said employees had filed their response to the show cause notice on 21 September 2022. LTIML and the said employees had also filed a settlement application dated 29 July 2022 on 02 August 2022 under the sebi (settlement proceedings) regulations, 2018. Which was subsequently revised on 08 December 2022. Sebi has accepted the settlement terms and payment of the settlement amount was made, which was about usd 141,000. Subsequently, sebi issued the settlement order on 17 February 2023 and disposed off the show cause notice.

  6. Dec 2, 2021
    Regulatory Action: The European Commission ("The Commission") FinalAbout an affiliate: HSBC Holdings PLCSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $197.0M · Begun Dec 2, 2021 · Resolved Dec 2, 2021 · Settled

    The european commission in December 2021 completed a cartel investigation into the foreign exchange ('forex') spot trading market by imposing fines on five financial institutions, including HSBC Holdings PLC. The commission's investigation focused on the trading of the G10 currencies. The commission's investigation revealed that some traders in charge of the forex spot trading of G10 currencies, acting on behalf of the fined banks, exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies through an online professional chatroom. The commission found that these information exchanges enabled the traders to make informed market decisions on whether and when to sell or buy the currencies they had in their portfolios, as opposed to a situation where traders acting independently from each other take an inherent risk in taking these decisions. Occasionally, these information exchanges also allowed the traders to identify opportunities for coordination, for example through a practice called "standing down", whereby some of them would temporarily refrain from trading to avoid interfering with another trader. HSBC cooperated with the investigation and has paid the fine noted below.

    HSBC Holdings caused the fine to be paid within in the timeframe directed by the commission.

  7. Aug 2, 2021
    Regulatory Action: U.S. Department of Justice (DOJ) FinalAbout an affiliate: HSBC Holdings PLCFine: $101.5M · Begun Jan 18, 2018 · Resolved Aug 2, 2021 · Consent · Docket CASE1:18 CR 00030 LDH

    In January 2018, following the conclusion of the US Department of Justice's (DOJ) investigation into HSBC's historical foreign exchange activities, HSBC Holdings entered into a three-year deferred prosecution agreement with the criminal division of the DOJ (the FX dpa), regarding fraudulent conduct in connection with two particular transactions in 2010 and 2011. In January 2021, the FX dpa expired and, in August 2021, the charges deferred by the FX dpa were dismissed.

  8. Dec 7, 2016
    Regulatory Action: The European Commission ("The Commission") FinalAbout an affiliate: HSBC Holdings PLCSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $37.8M · Begun Dec 7, 2016 · Resolved Dec 7, 2016 · Decision

    In December 2016, the european commission (the 'commission') issued a decision that in early 2007 HSBC, among other banks, colluded on euro interest rate derivative pricing elements, and exchanged related sensitive information, in breach of EU antitrust rules. The commission determined that the duration of HSBC's infringement was 1 month and fined HSBC 33,606,000 euros. HSBC appealed the decision to the general court of the european union, which in 2019 annulled the fine for failure to provide reasons, but upheld HSBC's liability. In 2021 the european commission imposed a revised fine of 31,700,000 euros (usd $37,802,250 which utilizes the closing FX rate as of the date of issuance for the amended fine and as reflected in section 12.a). HSBC appealed to the liability findings to the court of justice of the european union, which upheld HSBC's liability in January 2023. HSBC continues to maintain an appeal before the general court against the 2021 commission decision imposing a revised fine.

    HSBC paid the revised fine of 31,700,000 euros (usd $37,802,250 which utilizes the closing FX rate as of the date of issuance for the amended fine and as reflected in section 12.a) in 2021. In November 2024, the general court dismissed HSBC's appeal against the fine.

Form ADV Item 11 and its Disclosure Reporting Pages, via the SEC record. All adviser disciplinary records.

The brochure

No brochure text was read for this firm.

Form ADV Part 2A, via the SEC Investment Adviser Public Disclosure site.