U K Sinha says Bhave’s policy on entry load will continue
Mumbai: U K Sinha, the new chairman of SEBI told Economic Times in an interview that Bhave’s policy on regulating mutual funds will continue. “U-turn is not on the cards. But what we will do is facilitate the widening of the geographical spread of MF industry, improve disclosures and focus on making MFs more investor friendly,” Sinha has reportedly told ET.
Sinha has reportedly said that though he was mindful of the net outflow in fiscal 2010-11 and the decline in the number of accounts of MF investor accounts, investors have gained as all their money was been completely invested in the market. SEBI has quantified such gain to be over Rs1, 300 crore.
Among the other priorities outlined by the SEBI chief is reviewing and plugging regulatory loopholes regarding rules for wealth managers as a number of fraudulent cases of misleading or duping investors by wealth managers have come into limelight.
