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MF participation in voting to be scrutinised: Sebi

The regulator also increases the limit that debt schemes of mutual funds can invest in housing finance companies

Joydeep Ghosh  |  Mumbai 

To encourage asset management companies (AMCs) to vote on important company decisions and be an active voice for the retail investor, the Securities and Exchange Board of India (Sebi) on Tuesday directed them to appoint ‘scrutinisers’, who will review the rationale of voting rights exercised by them.

In a letter sent to all fund houses, Sebi said: “On an annual basis, AMCs shall be required to obtain certification on the voting reports being disclosed by them. Such certification shall be obtained from a scrutiniser.” The board of AMCs and Trustees of ...

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First Published: Thu, August 11 2016. 00:19 IST