News From Press Sebi directs ICICI Prudential MF to refund Rs 2.4 billion to five schemes

Sebi directs ICICI Prudential MF to refund Rs 2.4 billion to five schemes

Source: Business Standard Jul 3, 2018

The Securities and Exchange Board of India (Sebi) has issued a directive to ICICI Prudential Mutual Fund (MF) for allegedly violating the MF code of conduct by making a large investment in the initial public offering (IPO) of its group firm ICICI Securities. The investment allowed the IPO to meet a minimum subscription requirement, without which it would have failed.

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