MUMBAI: Markets regulator Sebi has fined seven entities together with the previous CEO of JM Mutual Fund, its head of gross sales and a few associated entities for accruing unlawful beneficial properties utilizing insider details about sale of defaulted DHFL bonds by sure schemes of the fund home. The entire penalty aggregated Rs 2.1 crore.
In mid-2020, some schemes of JM MF have been holding bonds of DHFL which had then defaulted and therefore have been valued at zero within the books of these schemes.In July 2020, JM MF offered the bonds to A Ok Capital – a number one bond home in India – for about Rs 11.2 crore. For the reason that bonds have been valued at zero until the sale, the web asset values of those schemes after this transaction jumped considerably.
In mid-2020, some schemes of JM MF have been holding bonds of DHFL which had then defaulted and therefore have been valued at zero within the books of these schemes.In July 2020, JM MF offered the bonds to A Ok Capital – a number one bond home in India – for about Rs 11.2 crore. For the reason that bonds have been valued at zero until the sale, the web asset values of those schemes after this transaction jumped considerably.
