look news india
New Delhi: Capital market regulator Securities and Exchange Board of India (Sebi) has conducted surprise checks of digital devices, including mobile phones, iPads and laptops, of top mutual fund executives in the country. This comes after Sebi conducted probes into five mutual funds in the last 12 months, accessing mobile phones of some top executives for verification.
In this regard, there have been reports that this investigation is separate from the search and seizure action taken at Quant Mutual Fund on June 28. The report cited sources as saying that what SEBI internally calls thematic inspections include investigation of block trades, concurrent trades, broker communications and records of several mutual funds.
The purpose of obtaining this data is to analyze patterns to see if there are any anomalies or obviously suspicious practices that require further investigation.
Citing sources, the report said these physical inspections are unannounced and involve an element of surprise. An unnamed top AMC official said, “The information reveals the reality.”
Those who have to reset their phones have already done so. But even if you have nothing to hide professionally, handing over personal digital devices is regrettable in itself.
