Business Daily from THE HINDU group of publications
Friday, Jun 05, 2009
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Business Daily from THE HINDU group of publications Friday, Jun 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Mutual Funds Marketing - Advertising Markets - Regulatory Bodies & Rulings Our Bureau Mumbai, June 4 The Securities and Exchange Board of India on Thursday directed Reliance Mutual Fund and Reliance Capital Asset Management Ltd to withdraw the advertisement for their recently launched infrastructure fund, and also asked them to show cause why they should not be restrained from launching any new schemes. The entities did not submit the advertisement to SEBI within the stipulated seven days from the date of issue of the fund offer, said the market regulator. The audio-visual was unintelligible and also lasted for less than the SEBI-mandated five seconds. This leads to a situation where the investors are not able to take well-informed decisions, the SEBI order said. . Last February, SEBI had put the brakes on the haste with which mutual fund advertisements delivered their standard warnings: “Mutual fund investments are subject to market risks, read the offer document carefully before investing” has to be displayed and read out for at least five seconds. “We will file our response to SEBI within the prescribed time of 15 days, to establish that there has been no violation of applicable SEBI norms. Meanwhile a revised advertisement will be released starting tomorrow,” said a spokesperson from Reliance Mutual Fund. Reliance unveils infrastructure fund More Stories on : Mutual Funds | Advertising | Regulatory Bodies & Rulings
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