Mutual funds (MF) allegedly delaying pooling norms has prompted the market regulator to press the Rs 39-trillion industry for timely action.
The Securities and Exchange Board of India (Sebi) last week asked the Association of Mutual Funds in India (Amfi) to provide an activity schedule and progress reports on ensuring timely implementation of its framework for two-factor authentication, a security measure for subscribers of MF units.
Sebi usually sets implementation deadlines and rarely does it ask for regular updates, said one industry official. According to a senior MF executive, Sebi appears miffed by the industry's failure to properly implement new frameworks for the discontinuation of pooling of funds and the introduction of two-factor authentication for redemptions. This is despite the