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Friday, June 05, 2009

Sebi Slams Reliance MF on Standard Warning in Advertisement

The market regulator Securities and Exchange Board of India issued a non compliance order against Reliance Mutual Fund house on Thursday, 4 June 2009.

Reliance Infrastructure Fund, a new fund offering from Reliance Mutual Fund and the Reliance Capital Asset Management has failed to obey the circular issued by the Sebi in concern with the Standard warning in Advertisements by Mutual Funds.

Accordingly the Reliance Mutual Fund and Reliance Capital Asset Management have been directed to forthwith withdraw the advertisement in its current form and re-issue the same, if it is so desired, strictly in compliance with the provisions of the said Sebi circular.

Further, Reliance Mutual Fund and Reliance Capital Asset Management have been asked to show cause as to why they should not be restrained from launching any new scheme for an appropriate period.

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