Investcorp Real Estate Yield Fund and six others have settled with markets regulator Sebi a case of flouting Alternate Investment Funds (AIF) rules on payment of Rs 25.5 lakh towards settlement amount. Apart from Investcorp Real Estate Yield Fund, Investcorp India Asset Managers, Ajay Kumar, Niraj Sirsalewal, Ritesh Vohra, Gaurav Sharma and IDBI Trusteeship Services Ltd have settled the case. The order came after the entities filed applications proposing to settle the proceedings that may be initiated against them for the violation of the provisions of the AIF Regulations, through a settlement order and remitted Rs 25.50 lakh. In its settlement order passed on Friday, Sebi said the "specified proceedings, in respect of which the notice was issued, are hereby settled in respect of the applicants". While examining the matter, Sebi observed that the tenure of the Investcorp Real Estate Yield Fund had been extended beyond 2 years and that its investments had not been liquidated within