Securities and Exchange Board of India (SEBI) today urged Reliance Mutual Fund and Reliance Capital Asset Management to withdraw the advertisement with regard to its new fund offer of Reliance Infrastructure Fund and re-issue the same.
SEBI's whole-time member Prashant Saran in an order stated that the advertisement was not in compliance with the SEBI's guidelines pertaining to standard warning in advertisements by Mutual Funds and wanted it to be withdrawn immediately.
Reliance Mutual Fund and Reliance Capital Asset Management Limited 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 Limited have been asked to show cause as to why they should not be restrained from launching any new scheme for an appropriate period, the order said.
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