SEBI Disposes of Case Against Indiabulls Mutual Fund
DSIJ Intelligence / 17 Jun 2017
A case against Indiabulls Mutual Fund related to alleged procedural lapses in declaration and distribution of dividend has been disposed of by SEBI on Friday.
A case against Indiabulls Mutual Fund related to alleged procedural lapses in declaration and distribution of dividend has been disposed of by SEBI on Friday.
In an order dated June 16, Sebi has disposed of a case against Indiabulls Mutual Fund, Indiabulls Asset Management Company and Indiabulls Trustee Company.
SEBI carried out an inspection of Indiabulls MF from February 2013 to March 2014, to check the possible violation of SEBI's Mutual Fund regulation.
"I find that there are observations made in inspection report with respect to procedural lapses while declaration and distribution of dividend in four instances and notices have taken rectifying steps for proper compliance in future," said SEBI Adjudicating Officer Nagendra Parakh.
Indiabulls MF was also allegedly not valuing the same security consistently across schemes, and in many instances single security was valued at different prices in different schemes, reported a leading news agency.
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