Business Daily from THE HINDU group of publications
Tuesday, Mar 06, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Mar 06, 2007 ePaper |
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Markets
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Mutual Funds Our Bureau
This follows a SEBI order to the fund house to withdraw the extra commission scheme. The fund house, however, did not make any official announcement to this effect, with Mr Pankaj Razdan, Managing Director, Pru-I MF, refusing to take calls. Recently, Prudential ICICI had made a move, asking investors in its Fusion Fund-II to provide photocopies of their investments in post office schemes or RBI bonds. The company went to the extent of encouraging agents to bring in photocopies of such investments along with applications by paying extra commission. The move also upset the postal department, which felt that the fund house was attempting to poach on its investors through the scheme, sources said. Although SEBI had communicated its displeasure over the scheme a few days ago, the fund house had been silent on the issue. Following a note from the regulator on Monday, the fund house held a meeting, after which it decided to withdraw the 0.5 per cent extra commission scheme, a SEBI source said. Sources said SEBI has also asked the fund house to publish advertisements in two newspapers that the extra commission scheme has been withdrawn.
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