Skip to main content

SEBI has sent legal notice to HDFC Mutual Fund to increase FMP maturity

HDFC is one of India's most popular companies, and the Securities and Exchange Board of India (SEBI), Milind Barve, Managing Director of HDFC Mutual Fund, some top executives of the fund house and the HDFC Trustee Company maturity of their fixed maturity plan (FMP) Legal notice has been sent to increase, due to inability to pay Essel Group.



HDFC Mutual said in the exchange filing that the capital market regulator has issued two reasons show notices to the officials and the HDFC Trustee Company on May 31.

Last month, SEBI had issued separate show notices to HDFC Mutual Fund and Kotak Mutual Fund and sought details of their investment conditions in Essel Group's debt securities.

It can not be ascertained that the capital market regulator sent a second legal notice to the officials of Kotak Mutual Fund or not. Kotak has left an email query unanswered. After not paying the repayment by Essel on maturity of the investment, Kotak's FMP had knocked the price.

The regulator had questioned the agreement between Mutual Fund and Essel, who gave the media group time till September to repay the loan.

While mutual funds are defending their decision about this agreement that it was in the interest of investors, SEBI has questioned the legal stance of such a system.

Cash-Strapped founder of Essel, who had borrowed from lenders including mutual funds and non-banking finance companies (NBFC), pledging shares with them to refill collateral after group companies - Zee Enterprises and Dish TV shares. Failed in - crashed at the end of January. Mutual funds, which did not sell the shares pledged at that time, because it could further reduce their value, to pay the money to Essel till September 30.

While at least eight fund houses can keep Essel's papers in different schemes, SEBI sent show-cause notices to two fund houses because their FMP came for maturity.

HDFC Mutual Fund has given the unit holders the option of rolling over on investment for 380 days instead of redeeming them in mid-April.

Comments

Popular posts from this blog

Rupee gains 21 paise in early trade to 70.96 per US dollar; 10-year govt bond yields up

Rupee vs US dollar:  The Indian rupee today opened at 70.96 per US dollar, up 21 paise from the previous close, data available with the Bloomberg website showed. Market Tips and recommendations Follow  Marketcaptains Rupee vs US dollar:  The Indian rupee gained as much as 21 paise in the early morning trade on Monday to 70.96 per US dollar from the previous close of 71.17 per US dollar. The domestic currency today opened at 70.96 per US dollar, up 21 paise from the previous close, data available with the Bloomberg website showed. At 9:30 AM (IST), the domestic currency was trading at 71.07 per US dollar, up 9 paise from the previous close of 71.17 per US dollar, after touching an intraday low of 71.08 per US dollar and an intraday high of 70.96 per US dollar, data showed. On Friday, the rupee fell by 10 paise to close at 71.17 amid rising demand for the US currency from exporters and heavy selling in domestic equities. In debt markets, the yields on the 10

Stock market open with fast, while IT companies dropped by a few percent

Today the domestic stock markets started the season with rapid growth. Crude oil prices have softened even in international markets. Also, due to improving the rupee, shopping in the market was seen. However, this has led to a decline in export-oriented shares. At 9.30 am, the BSE Sensex was trading 67 points or 0.17 percent higher at 39,048 level. At the same time, the Nifty 50 index was recorded at 17,742 level with an increase of 17.5 points or 0.15 per cent. US stock market condition on Thursday  American stock markets closed with red mark. Dow Jones slipped to 0.46 percent. However, the S & P 500 Index found a weakness of 0.21 percent. Nasdaq composites ended the session with 0.16 percent weakness. These saw a few percent increase On the BSE Sensex, Yes Bank's shares rose 1.47 per cent to Rs 176.35. Maruti Suzuki shares increased by 1.40 per cent to Rs 6,762. Bharti Airtel, Power Grid and ONGC's shares rose 1.25 percent, 1.18 percent and 1.12 percent, resp

मेंथा ऑयल रेट टुडे: हफ्तेभर में 4% लुढ़का मेंथा, ₹1300 के नीचे जा सकता है भाव

मेंथा ऑयल का भाव एक हफ्ते में 4 फीसदी गिर चुका है. आगे भी कीमतों में तेज गिरावट के संकेत हैं. इसकी वजह नई फसल की आवक है. इस साल मेंथा का बंपर उत्पादन होने की उम्मीद है. कारोबारियों को जून में कीमतों में बड़ी गिरावट की आशंका है. मेंथा का सबसे ज्यादा उत्पादन उत्तर प्रदेश में होता है. ओरल केयर, फार्मास्युटिकल, परफ्यूम और कन्फेक्शनरी बनाने वाली कंपनियां मेंथा का इस्तेमाल करती हैं. मेंथा तेल की कीमतें पिछले महीने 1,360 रुपये प्रति किलोग्राम तक लुढ़क गईं. गुरुवार को एमसीएक्स पर मेंथा ऑयल का मई वायदा 0.20 फीसदी की गिरावट के साथ 1370 के आसपास कारोबार कर रहा था. वहीं दूसरे नजदीकी कॉन्ट्रैक्ट जून डिलीवरी का भाव 1,255 रुपये प्रति किलोग्राम पर कारोबार कर रहा था. एंजल ब्रोकिंग के डिप्टी वाइस प्रेसीडेंट (कमोडिटीज एवं करेंसी) अनुज गुप्ता ने कहा, 'हमें उम्मीद है कि आगे मेंथा ऑयल में गिरावट बढ़ सकती है. मई कॉन्ट्रैक्ट का भाव नीचे में 1,300-1,280 रुपये प्रति किलोग्राम तक गिर सकते हैं. कंपनियां मेंथॉल और क्रिस्टल बनाने के लिए भी मेंथा ऑयल का इस्तेमाल करती हैं. मेंथा को पुदीना भी क