MUMBAI, April 24 (Reuters) - The Indian arm of global

asset manager Invesco ( IVZ ) has settled charges of mutual fund rules

violations with the country's market regulator, according to a

settlement order uploaded on the regulator's website on

Wednesday.

Invesco Asset Management India and five others charged,

including the firm's chief executive, settled by paying 49.8

million rupees (about $598,000), without admitting they violated

any rules, the order said.

The Securities and Exchange Board of India (SEBI) had

initiated an investigation against the asset manager in 2021.

In its probe, SEBI found that there was no clear segregation

of activities and a 'Chinese wall' between portfolio management

services (PMS) and mutual funds.

The regulator further said that there were transactions

between the mutual fund schemes and PMS schemes that violated

its rules.

($1 = 83.3223 Indian rupees)