The sebi had found that in the audio visual advertisement of Reliance Mutual Fund for its new fund offer of Reliance Infrastructure Fund, the standard warning was less than five seconds, the FM Pranab Mukherjee told the Rajya Sabha’As this was not incompliance with relevant sebi guidelines the market regulator has issued a show-cause notice to the company on the issue, he said.
“Reliance Mutual Fund and Reliance Asset Management Company Limited were directed to withdraw the said advertisement and asked to show-cause why they should not be restrained from launching any new scheme for an appropriate period for the violations,” the Minister said.
“They have sought a hearing before a whole-time member of sebi. The hearing has been fixed on July 30,” Mukherjee said.
Published 28 July 2009, 16:22 IST