Sebi revises investment norms for trustees, employees of AMCs
Market regulator Sebi on Thursday tightened the norms for investments in securities by employees, board members and trustees of asset management companies (AMCs). The new framework will help avoid any actual or potential conflict of interest or any abuse of an individual’s position of trust and responsibility.
As per the Securities and Exchange Board of India (Sebi), the board of a AMC and trustees should ensure compliance on a continuous basis and report any violations and remedial action taken by them in the periodical reports submitted to the board.
It has expanded the ambit of ‘access persons’ and directed that entities should not take undue advantage of any sensitive information that they may have about any company or its securities or about the AMCs schemes or its units.
Earlier, while only heads of AMCs like managing directors, chief executive officers or presidents along with fund managers, dealers, researchers among…
