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SEBI hauls up Shriram AMC for price-rigging - Views on News from Equitymaster
 
 
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  • Jan 28, 2000

    SEBI hauls up Shriram AMC for price-rigging

    The Securities and Exchange Board of India (SEBI) has slapped a maximum penalty of Rs 500,000 on Shriram Mutual Fund for comprising the interests of its investors.

    According to news reports in a leading financial daily, the asset management company (AMC) of Shriram Mutual Fund (MF) has allegedly bought shares of Videocon International at a higher price (of Rs 84), while the existing market price on that day was Rs 62. The AMC is alleged to have done this to bailout certain BSE brokers during a payment crisis, with the understanding that the brokers would buy the shares back at a later date.

    The robust inflows in the MF industry over the past 6-8 months is testimony to the fact that the retail investor who had shunned the industry for a long time is finally returning. The retail investor's confidence has been reinforced by the excellent performance of mutual fund schemes against the backdrop of frenzied activity in the stock markets.

    Apparently, most MFs have been fairly transparent in their dealings. Instances of price-rigging in the MF industry (like the one involving Shriram AMC) will give the whole industry a bad name. Another couple of such cases involving reputed MFs, could reverse the good work these MFs have been doing over the past few months. However, so long as the reputed MFs are clean, investors are likely to ignore such stray instances.

     

     

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