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Home / Business News / SEBI asks Reliance to withdraw fund advertisement

SEBI asks Reliance to withdraw fund advertisement

India’s capital markets regulator has directed Reliance Capital Asset Management to withdraw an advertisement for its newly-launched fund as it spends less time on risk warnings to investors than required.

business Updated: Jun 04, 2009, 11:22 IST
Reuters

India’s capital markets regulator has directed Reliance Capital Asset Management to withdraw an advertisement for its newly-launched fund as it spends less time on risk warnings to investors than required.

In a notice late February last year, the Securities and Exchange Board of India (SEBI) had asked fund firms to more than double the time they spent on risk warnings to investors in their radio and television commercials to five seconds.

However, the disc submitted by the firm shows the display and voiceover time of the warning in the advertisement for Reliance Infrastructure Fund is less than five seconds, the regulator said in a notice posted on its website late on Wednesday.

SEBI also said the firm took more time than the required seven days of opening of issue to submit the advertisement and has served a show cause notice to the firm.

Officials from Reliance Capital Asset Management could not be reached for comment immediately.

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