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News From Press Cross-holding norms: Prem Watsa’s stakes in 2 fund houses under spotlight

Cross-holding norms: Prem Watsa’s stakes in 2 fund houses under spotlight

Source: Business Line Mar 20, 2019

The majority shareholding of ace investor Prem Watsa-owned Fairfax Financial and group companies in Quantum Mutual Fund and IIFL Mutual Fund has come under the spotlight with SEBI’s deadline for meeting cross-holding norms ending this month.

HWIC Asia, promoted by Fairfax Financial Holdings, owns 49.2 per cent in Quantum Advisors, which is the sponsor of Quantum Asset Management Company and Quantum Mutual Fund. Ajit Dayal holds 34.97 per cent and the rest is held by a group of employees.

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