Financial Daily from THE HINDU group of publications
Tuesday, Apr 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Apr 20, 2004 |
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Opinion
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Letters Mutual funds
This is with reference to the editorial "End mutual benefit" (Business Line, April 20). As rightly pointed out in the editorial, the news that a leading private mutual fund has diverted funds, placed with it by a provident fund, into equities is cause for serious concern. Also the cosy relationships that some corporate houses have with a few mutual fund house leads to "late" trades. This practice must not be encouraged and those found guilty must be severely punished. Also, as pointed out "such practices question the efficacy of regulation as well as the integrity of fund management." The Securities and Exchange Board of India and the Association of Mutual Funds should act quickly to plug the legal loopholes, if any, and tighten regulation to prevent such practices. Selva Kumar
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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