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Kotak and HDFC mutual funds under SEBI lens

By HindusthanSamachar | Publish Date: Apr 15 2019 4:22PM
Kotak and HDFC mutual funds under SEBI lens
New Delhi, Apr 15 (HS): Due to delay in repayment of Fixed Maturity Plan (FMP) to investors, Kotak Asset Management Company and HDFC Asset Management Company have been asked for clarification in this regard by market regulator body - Security Exchange Board of India (SEBI). The investors in Kotak FMP Series 183 have received amount less than the principal which matured on 10th April. In this context, Kotak AMC said that its investment in Essel''s Non convertible Debentures has not been recovered. In series 192 and 127 of Kotak FMP also, interest payments have been withheld due to unresolved accounts. In case of HDFC Mutual Funds, the maturity date for FMP Series 35 has been extended by 15 days to April 29, 2019. Also, foregoing interest payments is on the cards in case of discontinuance by investor till resolution of accounts. However, in this scenario, they need to obtain consent of investors. These AMCs are in trouble due to their investment exposure in Essel Group Companies under Subhash Chandra. This investment has become insecure due to financial stress faced by this group. The Kotak and HDFC AMC have exposure of Rs. 372 crore and Rs. 1152 crore respectively in the said group. Hindusthan Samachar/Bharati/Ram\
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