The Securities and Exchange Board of India (SEBI) sent a letter to the Association of Mutual Funds of India (AMFI) pointing out 23 irregularities committed by mutual funds in FY 16-17. Several lapses also pertained to distributors and mis-selling of mutual funds. For instance, SEBI imposes limits with respect to exposure to paper issued by a single issuer or single group. The regulator added that the 23 lapses were not exhaustive and merely indicative of the findings observed by it. It asked mutual funds to take corrective actions.

Source: Mint August 01, 2019 16:52 UTC