Anil Ambani group (ADAG) owned Reliance Mutual Fund said it has withdrawn advertisement of its new scheme following a show-cause notice by the market regulator Sebi.
“...the advertisement in question has been withdrawn, and a revised advertisement will be released starting tomorrow,” a Reliance MF spokesperson said.
In an order Sebi asked Reliance MF to explain violations of norms in its advertisement for its infrastructure fund to avert action by the market watchdog.
The spokesperson said, “We will file our response to Sebi within the prescribed time of 15 days to establish that there has been no violation of applicable Sebi guidelines.” The spokesperson added that the Reliance Infrastructure Fund NFO will close as announced on June 23, 2009. “The rapid fire manner in which the standard warning as recited in the audio visual renders it unintelligible. This leads to a situation where the investors are not able to take well informed investment decision..This is a serious violation,” the order said.
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