Mutual funds have approached the Securities and Exchange Board of India to allow them to alter the terms of Essel Group debenture trust deeds to give the promoters time to bring in a strategic investor instead of having to offload pledged shares as there is a drop in the security cover, said people aware of the matter. The capital market regulator will seek to determine whether the mutual funds are acting in the best interests of the investors while deciding on the matter, they said.
