News From Press SEBI sends letter to MFs detailing 23 lapses in FY 17

SEBI sends letter to MFs detailing 23 lapses in FY 17

Source: Mint Aug 2, 2019

The Securities and Exchange Board of India (SEBI) sent a letter to the Association of Mutual Funds of India (AMFI) pointing out 23 irregularities committed by mutual funds in FY 16-17. These lapses were detected as part of a routine inspection.

Key issues pointed out by SEBI included providing incorrect data on investor complaints in the annual report/MF website, failure to liquidate the equity portfolio in close ended schemes on maturity and highlighting the performance of only select schemes to the AMC Board and Trustees.

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1 Comment

Prashant · 5 years ago `

Why only sending letters and not straight away punishing them like they punished all the distributors eventhough we did nothing wrong and are paying for banks and AMC's misselling? This shows that AMCs and SEBI are both hands in gloves.

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