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SEBI Bars Kotak From Launching Debt Funds For 6 Months, Imposes Penalty

The Edge Media by The Edge Media
4 years ago
in Business Edge, Main Story
Reading Time: 1 min read
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SEBI Bars Kotak From Launching Debt Funds For 6 Months, Imposes Penalty
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Market regulator on Friday barred Kotak Mahindra Asset Management, one of the country’s largest mutual fund managers, from launching any fixed maturity plans (FMPs) for six months and fined it for breaking rules and hurting investor interests.

FMPs, a popular investment option in India, are fixed-income funds that invest in debt with maturities similar to the fund’s duration. Data from Value Research, a fund tracking website, showed Kotak had around ₹ 70,00 crore in FMP assets as of Friday.

The Securities and Exchange Board of India (SEBI) had been investigating Kotak since 2019 for putting some FMP investor funds into debt instruments of certain stressed companies, and later not paying full proceeds to investors based on those funds’ unit values.

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