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Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by <keyword id="174045" type="General" weightage="20" keywordseo="hdfc-amc" source="Orion">HDFC AMC</keyword> to RBI, according to a regulatory filing on Thursday. "...the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of Federal Bank," the bank said in the filing. In a separate filing, Equitas Small Finance Bank said HDFC AMC got RBI's approval on September 20 to raise 'aggregate holding' of up to 9.5 per cent of the paid-up equity capital or voting rights in the small finance bank. HDFC AMC holds a 4.49 per cent stake in Kerala-based Federal Bank, and a 4.68 per cent stake in Equitas Small Finance Bank as of June 30, 2023. The approval granted by the <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> is subject to compliance with the relevant provisions of the <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword> Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India (Sebi), and any other guidelines, regulations and statutes as applicable, the filing said. As per the RBI intimation, it said HDFC AMC must ensure that the aggregate holding in the bank does not exceed 9.5 per cent of the paid-up share capital or voting rights of the bank at all times. Further, it said, if the aggregate holding falls below 5 per cent, prior approval of RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the bank.

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

<ul><li>India’s biggest mutual fund houses added one common stock to their equity portfolio in July — <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>.</li><li>Shares of Zomato were listed on July 27 on BSE and NSE.</li><li>Top five mutual fund houses added 1-4 crore of Zomato stocks in July 2021.</li></ul>Top five mutual funds — <keyword id="164487" type="CITY" weightage="20" keywordseo="SBI-MF">SBI MF</keyword>, <keyword id="147682" type="COMPANY" weightage="20" keywordseo="HDFC-MF">HDFC MF</keyword>, <keyword id="163913" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-MF">ICICI Prudential MF</keyword>, <keyword id="4991077" type="PERSON" weightage="20" keywordseo="Aditya-Birla-Sun-Life-MF">Aditya Birla Sun Life MF</keyword> and <keyword id="283762" type="COMPANY" weightage="20" keywordseo="Axis-MF">Axis MF</keyword> have added one common stock to their portfolio in July — the newly listed food delivery firm Zomato. These five mutual fund houses comprise more than 55% of the industry’s total assets under management (AUM) of ₹35.31 lakh crore. Zomato was listed on exchanges on July 27 with a 51% premium. While some analysts believe that the valuation is too expensive for a loss making company, some feel it is a futuristic company and bound to grow. These large fund houses have bought more than a crore shares of the food delivery company in July. SBI Mutual Fund (MF) bought the highest at 4.24 crore shares followed by Axis Mutual Fund with 3.51 crore of Zomato stock. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 5 fund houses </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zomato shareholding (in crore) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.24 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.83 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.38 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.7 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis MF </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.51 </td></tr></tbody><tbody></tbody></table> Meanwhile, there were three other initial public offerings (IPOs) as well, which debuted in July and opened with more than 90% premium on exchanges — Clean Science and Technology, GR Infraprojects and Tatva Chintan Pharma Chem. Shares of Clean Science and Technology were bought by HDFC MF, Axis MF and SBI MF. GR Infraprojects was picked by SBI MF, ICICI Prudential and HDFC MF and Tatva Chintan Pharma Chem was bought by Axis MF in July. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tata-steel-announces-270-crore-annual-bonus-for-all-eligible-employees-for-2020-21/articleshow/85451559.cms">Tata Steel announces ₹270 crore annual bonus for all eligible employees for 2020-21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/pfizer-and-astrazeneca-covid-19-vaccines-less-effective-against-delta-variant-according-to-study/articleshow/85451391.cms">Pfizer and AstraZeneca COVID-19 vaccines less effective against Delta variant, according to study</a>

Zomato becomes a top pick for large mutual fund houses in July

New Delhi, Nov 26 () Two asset management companies -- ICICI Prudential Mutual Fund and HDFC Mutual Fund -- on Tuesday said they have received payments to the tune of Rs 437 crore from Subhash Chandra's Essel Group.
 Individually, ICICI Prudential MF has got Rs 270 crore as repayment and interest from the Essel Group, while the same for HDFC MF has been pegged at Rs 167 crore.
 With this repayment, ICICI Prudential Mutual Fund's exposure to Essel Group has come down to nil.
 "Pursuant to the sale of shareholding by the promoters of ZEEL, ICICI Prudential Mutual Fund has received repayment of the total principal amount invested along with the accrued interest thereon. Subsequently, as on date, none of the schemes of ICICI Prudential MF have any investments in debt instruments issued by the promoter group companies of ZEEL," the fund house spokesperson said.
HDFC MF said that the company holds certain non-convertible debentures (NCDs) of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as at September 30, 2019 was Rs 275.63 crore.
 "The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house informed the stock exchanges.
 On Monday, Subhash Chandra resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL) with immediate effect. He will remain the company's non-executive director, which he founded in 1992.
 His resignation came at a time when the debt-ridden group is looking to further divest promoters' stake in the company to repay the debts
 Essel Group on November 20 had said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30. SP SHW
SHW

ICICI Pru MF, HDFC MF receive payments from Essel Group

Interest rates on deposits need to go up, say experts, as share of FDs in household financial assets drops

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 57 paise to close at 81.78 (provisional) against the US dollar on Tuesday, the biggest single-day gain since November. Forex traders said the rupee was the best performer among Asian currencies and now has the support of 81.70. At the interbank foreign exchange market, the local unit opened at 82.20 and touched an intra-day high of 81.72 and a low of 82.26 against the greenback. It finally ended at 81.78 (provisional), registering a rise of 57 paise over its previous close. On Monday, the rupee settled at 82.35 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.12 per cent to 103.12. The rupee became the best performer among the Asian currencies following stop order triggers and inflows from bond selling, said Dilip Parmar, Research Analyst, <keyword id="11837714" type="DOMAIN" weightage="20" keywordseo="hdfc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hdfc" meta.entityname="Housing Development Finance Corporation Ltd." meta.entityid="13640" meta.seoname="housing-development-finance-corporation-ltd">HDFC</keyword> Securities. "The local unit witnessed the biggest single-day gains after November 11 and broke the psychological level of 82 as the traders rushed to cover the positions," Parmar said. Parmar further noted that Spot USD/INR now has the support of 81.70, "the 50 per cent Fibonacci retracement adjoining the November 14 low of 80.51 and the January 03 high of 82.94. The near-term view remains bearish for the pair and a level below 81.70 will pave way for 81.45 while on the higher side 82.10 acts as resistance". On the domestic equity market front, the 30-share BSE Sensex declined 631.83 points or 1.04 per cent to end at 60,115.48, while the broader NSE Nifty fell 187.05 points or 1.03 per cent to 17,914.15. Global oil benchmark Brent crude futures rose 0.13 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 79.75 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 203.13 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/net-inflows-in-mf-schemes-up-three-times-at-7303-crore-in-december/articleshow/96881163.cms">Investors continue to SIP on equities: Net Inflows in MF schemes up three times at ₹7,303 crore in December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-tata-motors-paytm-among-stocks-in-focus-on-tuesday/articleshow/96870156.cms">Sensex sheds 632 points, Nifty50 falls 187 points as PSU bank, financial services and IT stocks drag</a>

Rupee gains 57 paise to close at 81.78 against US dollar

<ul><li><keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> in a statement said that the lender is exploring opportunities to offload 6% stake in the <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword> Funds Management through <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> route.</li><li>Currently, SBI has 63% stake in the fund house while the MF is reportedly valued at $7 billion.</li><li><keyword id="164487" type="General" weightage="20" keywordseo="sbi-mf" source="Orion">SBI MF</keyword> will be the third fund house to get listed on exchanges after UTI AMC and HDFC AMC.</li></ul>India’s largest lender, State Bank of India (SBI) has informed exchanges on Wednesday that SBI Mutual Fund (MF) may get listed and that SBI is looking to sell 6% stake in the company through the initial public offering (IPO). Currently, SBI has a 63% stake in the fund house and the remaining 37% is held by Paris-based AMUNDI Asset Management. SBI MF is a joint venture between SBI and AMUNDI Asset Management. A <a href="https://www.bloomberg.com/news/articles/2021-12-15/biggest-india-bank-exploring-ipo-for-mutual-fund-jv">Bloomberg report </a>said that the bank is looking to raise $1 billion through this IPO. <div type="image" title="SBI share" height="900" width="1200" msid="88292744" hostid="261"></div> SBI MF will become the third fund house to get listed on exchanges after UTI Asset Management and HDFC Asset Management. The fund house made a profit of ₹862 crore in FY21 from a total income of ₹1,619 crore. Also, it is among the top fund houses in the country with assets under management of ₹5.78 lakh crore as of September quarter. <a href="https://www.livemint.com/industry/banking/sbi-to-explore-offloading-6-stake-in-mf-arm-via-ipo-11639540226501.html">Reports </a>say that SBI’s plan to list the mutual fund arm is part of its strategy to monetise its non-core operations after divesting some of its stakes in life insurance and cards businesses last year. SBI had raised over ₹10,340 crore through the listing of SBI Cards and ₹8400 crore through SBI Life IPO. SEE ALSO:

SBI Mutual Fund to come up with an IPO; SBI to sell 6% out of 63% stake via the public issue

Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO

<ul><li>Market regulator SEBI has sought explanation from mutual funds for delaying payments due to investors.</li><li>Top mutual funds in India are citing reasons to delay repaying investors' money.</li><li>The crisis in India's shadow banks caused by massive defaults by IL&amp;FS and Essel Group is unraveling.</li><li>The Economist had warned of such a crisis earlier calling it India's 'Lehman moment'.</li></ul>When an investor buys a mutual fund, specifically invests in a fund that lends money to corporate borrowers, for a fixed period of a time, it is expected that the fund would return the money to the borrower at the end of the tenure based on the agreed terms. That trust that keeps the mutual fund market running is being tested in India. Two of the country's biggest fund houses, that invest the money pooled in from eager investors, have sought <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-troubles-have-hdfc-kotak-mutual-fund-seeking-roll-overs/articleshow/68828851.cms" data-type="tilCustomLink" target="_blank">to delay the payments due to the clients</a>. Market regulator, the Securities and Exchange Board of India, has finally swung into action and has written to Kotak Asset Management Company and HDFC Asset Management Company seeking clarification regarding delays in repayment to investors of fixed maturity plans, <a href="https://www.cnbctv18.com/finance/fmp-crisis-kotak-mutual-funds-hdfc-amc-under-sebi-lens-2942511.htm" data-type="tilCustomLink" target="_blank">according to a CNBC-TV18 report</a>. On Monday, Kotak Mutual Fund informed its investors that it would not be able to redeem the securities held by the investors because one of its loans, to the struggling Zee Group has soured. The borrower has sought additional time to repay the debt, and the investors who had trusted their savings with the fund have become collateral damage. 
 <div type="image" title="cotakBI8 (1)" msid="68843945" hostid="261"></div>



 HDFC Mutual Fund, the country’s largest, said it would roll over one of its fixed maturity plans, which is due for redemption on April 15. However, this financial services major that manages billions of people's wealth, has given the payment delay an ironic twist. “The purpose of rollover/ extension is due to current interest rate scenario and portfolio positioning, the yields prevailing in the short maturity bucket present an option for investors to lock in their investments at current prevailing yields,” HDFC MF told its investors. Break it down In simple words, the company is citing high interest rates for short-term loans as an opportunity to reinvest the money that is due. However, can they take that decision unilaterally, without the investors' consent? "Extensions are not possible unless the investors agree. Something like 75% of the investors in that particular scheme have to agree to a rollover. Otherwise a close-ended debt fund has to mature and the money has to be given," Ananth Narayan, professor of finance at SP Jain Institute of Management and Research, told a television channel. The question to ask is will a bank give you more time to pay your dues because someone else failed you? No. Similarly, the fund house is trusted to repay the investors' at maturity, the end of a previously agreed time period. At that point, the choice is with the investors if they want to roll-over the investment for a longer duration or redeem it right away. "We will have to wait for more details. It seems similar to the Kotak situation where some papers might not be liquid enough which is why this option is being provided to investors. I will be very happy if I am wrong and the company clarifies very soon.," Narayan added in his comments. If indeed HDFC Mutual is in a hurry to make the most of rising short-term interest rates in the market, it could start a new fund and investors can be invited to pool in money again based on a new agreement. What seems to be missing in the fund's offer is an explicit consent. Lehman moment The fear in the market is that an increasing number of mutual funds are trying to brush their bad investments in companies like IL&amp;FS, Essel Group etc. under the carpet. In late 2018, many bad business decisions of the past led a set of Indian behemoths to default on their loans leaving behind a financial mess that <a href="https://www.economist.com/business/2018/11/08/indias-banking-system-is-flirting-with-a-lehman-moment" data-type="tilCustomLink" target="_blank">the Economist called India's Lehman moment</a>. The reference is to the collapse of the global investment bank, Lehman Brothers, in 2008 that led to the <keyword id="83197" type="ORGANIZATION" weightage="20" keywordseo="Global-financial-crisis">global financial crisis</keyword> and a widespread panic that shut all taps for credit across the world. The fear was more Indian financial firms may face losses in the days to come that may lead to a cash crunch and panic within the country, something that seems increasingly plausible with the recent sequence of events. The shadow banks, non-banking financial companies and mutual funds, which had lent money to IL&amp;FS and Essel Group to stand have their backs broken by the massive unpaid dues. IL&amp;FS had a debt of $13 billion when it defaulted on some of it. About 10 fund houses had lent to 16 companies belonging to Essel Group with the promoters' shares as security. To their surprise, the fund managers found out later that some of those shares were already pledged to other lenders. India's problem with unpaid loans, and those at the risk of default, is much bigger than these two. In <a href="https://www.business-standard.com/article/finance/npa-woes-india-beats-italy-to-be-world-s-worst-non-performing-loan-ratio-119021900322_1.html" data-type="tilCustomLink" target="_blank">February this year</a>, the country beat Italy to bag the infamous of having the world's highest proportion of bad loans. What was earlier seen as a problem limited to the banks, it is now becoming evident that the damage may be far wider. Now, the small investors fear for their money that is stuck with the stressed mutual funds. The market regulator SEBI that is expected to protect small investors is still silent. SEE ALSO: <a href="https://www.businessinsider.in/markets/lok-sabha-elections-2019-adds-to-the-markets-fears-from-us-fed-minutes-and-imf-forecast/articleshow/68826392.cms" data-type="tilCustomLink" target="_blank">India's 2019 election is only one of the market's many worries</a>

India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

<ul><li><keyword id="6357979" type="General" weightage="100" keywordseo="mutual-funds" source="Orion">Mutual funds</keyword> raised stakes in the financial services sector as economic activity and consumer demand picked up in July.</li><li>Research reports suggest that the sharp rally in July led to profit booking by mutual funds and investors alike.</li><li>Overall, the Indian mutual fund industry has ₹37.8 lakh crore of assets under its management.</li></ul>Mutual funds continued to plough in money into equities in July, after making purchases of nearly $2 billion in June. And, they are betting on financial services firms the most, as their stake in the overall mutual fund holdings increased to 31.56% from 30.56% in July. According to data from AMFI and ICICI Direct, mutual funds invested over $1 billion in July, and their biggest purchases included <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="268065" type="General" weightage="80" keywordseo="hdfc-life-insurance" source="Orion">HDFC Life Insurance</keyword>, and United Phosphorus, among others. Zomato’s purchases came after the stock experienced a major correction after the lock-in period ended in July, <a href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">resulting in a 22% correction</a>. Another interesting entry into the list is Wipro, which <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">missed analyst estimates in terms of growth and margin</a>. Its rivals TCS and Infosys have seen mixed movements, with some fund houses paring their stakes while others have added. Overall, the Indian mutual fund industry invested ₹8,900 crore into Indian equities in July, down from ₹15,500 crore in June. “After having seen lows in previous months, the sharp rally in July led to many investors shying away from putting incremental money and few exiting as well during recovery,” said a report by ICICI Direct. Some other of the biggest names that mutual funds purchased includes Rakesh Jhunjhunwala-backed Star Health and the government-owned National Aluminium Company, among others. “On a month-on-month basis, the weights of NBFCs, private banks, consumer, retail, automobiles, capital goods, PSU banks, metals, cement, and media increased, while the weights of oil &amp; gas, technology, telecom, healthcare, and utilities moderated,” said a report by Motilal Oswal. Overall, according to the Association of Mutual Funds in India (AMFI), the total assets under management (AUM) of the Indian mutual fund industry increased to ₹37.8 lakh crore in July 2022 from ₹35.6 lakh crore in June 2022. There has been a sharp growth in MF AUMs which grew at around 90% in the last five years. In the past decade, AUMs multiplied by over five times, from ₹7 lakh crore in July 2012 to ₹37.8 lakh crore in July 2022. <div type="image" title="Mutual fund large cap July 2022." msid="93651789" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the large cap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund midcap July 2022." msid="93652196" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the midcap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund small cap July 2022." msid="93652308" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the small cap segment&amp;lt;/p&amp;gt;"></div> <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-becomes-first-group-company-to-hit-4-lakh-crore-market-cap/articleshow/93593431.cms">Adani Transmission becomes first group company to hit ₹4 lakh crore market cap</a> <a href="https://www.businessinsider.in/stock-market/news/rakesh-jhunjhunwala-backed-concord-biotech-files-for-an-ipo/articleshow/93594255.cms">Rakesh Jhunjhunwala-backed Concord Biotech files for an IPO</a> <a href="https://www.businessinsider.in/stock-market/news/checkout-rakesh-jhunjhunwala-top-stocks-current-valuation/articleshow/93589814.cms">Rakesh Jhunjhunwala’s top five stocks delivered 3 times the returns Nifty50 did</a>

Mutual funds tank up on financial services and retail stocks

New Delhi, Nov 29 () Markets regulator Sebi on Friday imposed a total fine of Rs 85 lakh on seven entities for flouting regulatory norms in the front-running of HDFC Mutual fund.
 Front-running refers to an unethical practice by someone trading in shares on the basis of advance information given by a broker, analyst or other executive at a market intermediary before the trades are conducted by that entity.
 Sebi in an order said the "trading pattern of the noticees that by indulging into front running the noticees had disturbed the market equilibrium and normal price discovery mechanism of stock exchanges, besides creating false or misleading appearance of the trading in the securities market".
 The order follows an investigation carried out by Sebi into the matter of front-running by certain entities between June 2000 and June 2010.
 The probe found that the entites made illegal gains by way of front-running.
 According to the latest Sebi order, Rajiv Sanghvi made illegal gains to the tune of Rs 27,09,298, Rajiv Sanghvi-HUF (Rs 9,72,691), Sanjay Sanghvi (Rs 39,85,851), Sonal Sanghvi (Rs 20,03,481), Dipti Mehta (Rs 8,31,096) and Kalpana Kapadia (Rs 47,24,293).
 Accordingly, the regulator in July 2018 had directed these to disgorge illegal gains made in the HDFC Mutual Fund front-running case along with the simple interest of 12 per cent per annum.
 In its latest order passed on Thursday, Sebi noted that the entities have disgorged the ill-gotten profits made by them along with interest in compliance with disgorgement orders.
 However, Sebi imposed monetary penalty "which acts as a deterrent to the noticees and to others against indulging in such fraudulent, deceptive and manipulative practice, which erodes the trust and confidence of investors in the securities market."
 Therefore, Sebi imposed a fine of Rs 10 lakh each on the entities. Additionally, it also levied a fine of Rs 25 lakh on Nilesh Kapadia for misusing his position in the capacity of dealer of HDFC AMC. SRS HRS

You Searched For "HDFC MF" and got 10 results

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

PTI

Zomato becomes a top pick for large mutual fund houses in July

Bhakti Makwana

ICICI Pru MF, HDFC MF receive payments from Essel Group

PTI

Interest rates on deposits need to go up, say experts, as share of FDs in household financial assets drops

Rounak Jain

Rupee gains 57 paise to close at 81.78 against US dollar

PTI

SBI Mutual Fund to come up with an IPO; SBI to sell 6% out of 63% stake via the public issue

Bhakti Makwana

Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO

Bhakti Makwana

India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

Sriram Iyer

Mutual funds tank up on financial services and retail stocks

Rounak Jain

HDFC MF front-running case: Sebi levies Rs 85 lakh fine on 7 entities

PTI

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