Financial Daily from THE HINDU group of publications
Thursday, Feb 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Feb 05, 2004 |
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Markets
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Mutual Funds Tata Mutual monitoring agents' methods Our Bureau
Chennai , Feb. 4 MUTUAL fund employees may have to take acting lessons to carry out their work. Tata Mutual Fund's people pose as ordinary investors when they visit agents who are promoting and selling the fund's current public issue, the MIP Plus scheme. The aim is to find out if the agents make false promises about guaranteed returns on the scheme. "We are conscious of our brand," said Mr Ved Prakash Chaturvedi, CEO of Tata Mutual. He added that the checking is carried out in smaller towns, and in a "small way." He emphasised on the need to promote the MIP Plus ethically. Tata Mutual's decision comes in the wake of allegations about unethical selling that have surrounded recent public issues in the industry. Industry sources said that the Association of Mutual Funds of India had sent people who posed as ordinary investors to visit agents during promotions for the issues. A few agents had made false promises.
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