Financial Daily from THE HINDU group of publications
Thursday, Sep 25, 2003
Financial Daily from THE HINDU group of publications Thursday, Sep 25, 2003 |
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Regulatory Bodies & Rulings Markets - Mutual Funds Alliance Capital MF board equally responsible: SEBI Our Bureau
Mumbai , Sept. 24 THE Securities and Exchange Board of India (SEBI) confirming its earlier order against Mr Samir Arora, Chief Investment Officer, Alliance Capital Mutual Fund, today said that the board of birectors of the mutual fund was equally responsible for any violation of SEBI Act and Regulations. Mr T.M. Nagarajan, Whole-time Member, SEBI, today said that "appropriate action" would be taken against the board of Alliance Capital for any violations. He also directed the investigating officer to complete the investigation "expeditiously". On August 9, 2003, Mr Nagarajan had issued an order debarring Mr Arora from the securities market for alleged insider trading and personally benefiting from suppressing information against the interests of the investors of the fund he managed. Following this order, Alliance Capital had suspended Mr Arora from research and portfolio management activity but would get paid until end of September 2003.
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