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with the SEBI's guidelines pertaining to standard warning in advertisements by Mutual Funds and wanted it to be withdrawn immediately.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.
Showing posts with label sebi. Show all posts
Showing posts with label sebi. Show all posts
Thursday, June 4, 2009
Thursday, February 5, 2009
Regulator resumes questioning Ramalinga Raju
The market regulator Thursday resumed questioning the disgraced Satyam Computer Services founder B. Ramalinga Raju in Chanchalguda Central Jail here over the Rs.70-billion (Rs.7,000-crore/$1.43 billion) accounting fraud at the IT bellwether.
Officials of the Securities and Exchange Board of India (SEBI), led by south zone general manager and investigating authority Sunil Kumar, returned to the jail in the morning to question Raju for the second consecutive day.
The SEBI team Wednesday questioned only Ramalinga Raju, and it was not clear if his brother and former managing director B. Rama Raju, and former chief financial officer Vadlamani Srinivas would be grilled Thursday.
Jail officials are being allowed to watch Raju's interrogation from a distance. However, SEBI has turned down the request of Raju's lawyer S. Bharat Kumar to be allowed to be present during the interrogation or provide documents to his client.
Bharat Kumar said Raju needs legal assistance during questioning and announced he would take the matter to the Supreme Court.
On the first day, the SEBI team reportedly questioned Raju for five hours on possible insider trading, fudging of accounts and diversion of Satyam's funds to other companies promoted by him and his family members.
This was the first time that SEBI officials had access to Ramalinga Raju after he confessed to the Rs.70-billion fraud Jan 7 while quitting as the chairman of India's fourth largest IT services firm.
The Supreme Court had Tuesday allowed SEBI to interrogate the Raju brothers in jail Feb 4-6.
Officials of the Securities and Exchange Board of India (SEBI), led by south zone general manager and investigating authority Sunil Kumar, returned to the jail in the morning to question Raju for the second consecutive day.
The SEBI team Wednesday questioned only Ramalinga Raju, and it was not clear if his brother and former managing director B. Rama Raju, and former chief financial officer Vadlamani Srinivas would be grilled Thursday.
Jail officials are being allowed to watch Raju's interrogation from a distance. However, SEBI has turned down the request of Raju's lawyer S. Bharat Kumar to be allowed to be present during the interrogation or provide documents to his client.
Bharat Kumar said Raju needs legal assistance during questioning and announced he would take the matter to the Supreme Court.
On the first day, the SEBI team reportedly questioned Raju for five hours on possible insider trading, fudging of accounts and diversion of Satyam's funds to other companies promoted by him and his family members.
This was the first time that SEBI officials had access to Ramalinga Raju after he confessed to the Rs.70-billion fraud Jan 7 while quitting as the chairman of India's fourth largest IT services firm.
The Supreme Court had Tuesday allowed SEBI to interrogate the Raju brothers in jail Feb 4-6.
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