Sebi launches ICICI Prudential MF

Sebi launches proceedings against ICICI Prudential MF

Sebi launches proceedings against ICICI Prudential MF

Sebi launches ICICI Prudential MF, The country’s largest mutual fund (MF) house ICICI Prudential Asset Management Company (AMC) may not escape simply by compensating its investors in the ICICI Securities fiasco. Sources say market regulator Securities and Exchange Board of India (Sebi) has launched adjudication proceedings against the fund house to further probe misuse of investors’ money.

Sebi launches ICICI Prudential MF

The country’s largest mutual fund (MF) house ICICI Prudential Asset Management Company (AMC) may not escape simply by compensating its investors in the ICICI Securities fiasco. Sources say market regulator Securities and Exchange Board of India (Sebi) has launched adjudication proceedings against the fund house to further probe misuse of investors’ money.

ICICI Prudential AMC had placed a bid of Rs 6.4 billion in the initial public offering (IPO) of group firm ICICI Securities, in which parent ICICI Bank was looking to divest around 24 per cent stake. As the IPO was falling short of the minimum subscription, ICICI prudential AMC is said to have placed a last-minute bid of Rs 2.4 billion to facilitate its sponsor ICICI Bank. 
While Sebi has already directed the funds house to repay the investors Rs 2.4 billion, it is now probing the role of top officials, fund managers, and also the parent ICICI Bank.
“The directive to repay investors was to restore the loss incurred by the respective schemes due to the investment decision”.

Source- Business Standard, Google.

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