Is your fund under-performing? Now, SEBI to come to your aid
The Securities and Exchange Board of India would question top officials of fund houses about non-performance of mutual fund schemes and probe their non-compliance with stated investment objectives. HT reports.business Updated: Jun 21, 2012 22:07 IST
Worried over poor returns from your mutual fund investment? The Securities and Exchange Board of India (SEBI) will soon come to your rescue. The capital markets regulator on Thursday said it would question top officials of fund houses about non- performance of mutual fund schemes and probe their non-compliance with stated investment objectives.
“Management (of mutual funds) should look into the areas of no-performance,” said UK Sinha, chairman, SEBI, while addressing a mutual fund summit organised by the Confederation of Indian Industry. “Some AMCs’ (asset management companies) schemes have underperformed since inception. SEBI will engage with them and ask what measures they are taking to address the issue.”
The regulator has also sought an approval from the government to use telephone call records as evidence in insider trading cases, said Sinha. “We have asked for government's approval to use call-data record for determining insider trading that are taking place in the market.”
SEBI is also working on guidelines for initial public offerings (IPOs), said Sinha. “We are looking at ways to increase the penetration of IPOs and ensure enhanced investor protection.”
First Published: Jun 21, 2012 21:18 IST