It has directed the fund houses to have a whistle-blower mechanism, making the asset management companies' (AMCs) management responsible for ensuring the effectiveness of an institutional mechanism to identify and deter front-running and insider trading in securities.
The changes has come in the wake of the Securities and Exchange Board (Sebi) passing two orders regarding front-running cases involving Axis AMC and Life Insurance Corporation of India (LIC) recently.
The Sebi has amended mutual fund rules, which will come into force from November 1.
This story is from the August 06, 2024 edition of The New Indian Express.
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This story is from the August 06, 2024 edition of The New Indian Express.
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