Page 19 - Banking Finance June 2023

MUTUAL FUND

Mutual Fund

Avoid programmes for MF In fifteen separate orders, the regula- Amfi's chief executive officer NS
tor levied a fine of Rs 5 lakh each on Venkatesh said that the association
distributors based on SIP has been working closely with the Sebi
Vanshika Gurbani, UNNO Industries,
targets: Amfi tells MFs Vaishali Tushar Shah, Varshaben to ensure that the money reaches the
rightful owner. "Sebi has advised Amfi
ManojKumar Jadav, Surendra Kumar
The Association of Mutual Funds in In-
to ensure that the investor or nominee
Bagri HUF, Ketan Desai, Kiran
dia (Amfi) has written to its members
or heir gets the money. We are work-
Bhawani and Kiran Gupta.
asking them to avoid holding training
ing closely with Sebi in this matter. This
programmes that indirectly rewards Kiran Rasiklal Mehta, Ask Realty and number will come down substantially
MF distributors for achieving system- Developers, Sunita Agarwal, Suresh in the near future," he said.
atic investment plan targets. Maheshwari, Usha Maurya, Union
Venkatesh said that fund houses try to
Commodities and Sunrise Legal Advisor
According to a report, some AMCs had connect with these investors through
and Consultant were also penalised by
planned to hold training camps in lo- the email-id and phone numbers asso-
the markets watchdog.
cations like Andaman and Nicobar Is- ciated with their PAN. Money is said to
lands for outperforming MF distribu- Sebi had observed large-scale reversal be unclaimed when the fund house is
unable to make dividend and redemp-
tors. of trades in the illiquid stock options
tion-related payments to the investor
segment of BSE, leading to the cre-
The Securities and Exchange Board of
through the online as well as offline
ation of artificial volumes on the
India has cracked down on such prac-
channels.
bourse.
tices in 2018 and said that training
programmes "should not be misused
At Rs. 84,000 crore, net SIP
for providing any reward or non-cash Rs. 2.6000 crore lying un-
incentives to distributors", said the inflows account for 54% of
claimed with MFs: Amfi
report. gross inflows
data Notwithstanding the volatile equity
Sebi slaps Rs. 75-lakh fine Around Rs 2,637.94 crore of unclaimed markets, the net flows into the mutual
dividends and units are lying with mu- fund industry through Systematic In-
on 15 entities for non-
tual fund (MF) houses, the Association vestment plan increased 77 per cent in
genuine trades of Mutual Funds in India (Amfi) said. Of the year ended March to Rs. 84,224
crore against Rs. 47,619 crore logged
Sebi slapped fines totaling Rs 75 lakh the total, Rs 1,659.02 crore is in the
in the previous financial year.
on 15 entities for indulging in non- form of unclaimed dividends and the
genuine trades in the illiquid stock op- rest, Rs 978.92 crore, are unclaimed In fact, the net inflows accounted for
tions segment on BSE. redemptions. 54 per cent of highest ever gross SIP
BANKING FINANCE | JUNE | 2023 | 17