SEBI has initiated adjudication proceedings against HDFC Mutual Fund after the fund house rolled over its FMPs having exposure to Essel Group companies.
In its regulatory filing on stock exchanges, the fund house has confirmed that SEBI has initiated such a proceeding against trustees of HDFC AMC, Milind Barve, MD, HDFC AMC and other senior officials of the fund house.
Earlier, the fund house had extended loan against shares to two entities under Essel Group.
HDFC MF in its filing to stock exchanges said, “We are working with our legal advisors and are in the process of responding to the said adjudication notice.”
