THE ASSOCIATION OF MUTUAL Funds in India (AMFI) plans to review the draconian Standard Operating Procedures (SOP) it had issued for mutual funds (MFs) in relation to market regulator the Securities and Exchange Board of India’s (SEBI’s) Prohibition of Insider Trading and market abuse norms. The AMFI clarified this in response to the 19 November, 2024 BW Businessworld report titled How SEBI’s Licence Raj is Spreading Chaos in Stock Markets. (https://www.businessworld.in/article/how-sebis-license-raj-is-spreading-chaosin-stock-markets-539695#goog_rewarded).
The AMFI has written to BW Businessworld saying, “While we plan to review and analyse the outcomes based on experiences from the past few weeks and submit our feedback to SEBI for any necessary adjustments, we observe that the Mutual Fund participation in the equity market is not materially impacted due to implementation of such best practices from November 2, 2024.” The AMFI has further said: “We would like to clarify that AMFI collaborates closely with SEBI to establish best practices, increase transparency, and strengthen investor trust.”
The BW Businessworld report had explained how a recent SEBI circular on MFs effective November and the SOP (Standard Operating Procedures) prescribed by AMFI had heightened the fear of red tape in the MF industry. In August, SEBI had declared that MFs would be covered within the ambit of Prohibition of Insider Trading norms – not that they were not covered earlier but this time the regulator just got more draconian with rules that dictate how MFs will trade. The SEBI told the MF self-regulatory body, the AMFI, to prescribe in two weeks, detailed norms for ‘Standard Practice on Institutional Mechanisms for Identification and Deterrence of Market Abuse,’ which came into effect from 2 November.
Diese Geschichte stammt aus der December 14, 2024-Ausgabe von BW Businessworld.
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Diese Geschichte stammt aus der December 14, 2024-Ausgabe von BW Businessworld.
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