SEBON seeks explanation from six mutual funds for flouting the existing rule
Fri, Jul 27, 2018 1:14 AM on Mutual Fund, Stock Market, Featured,
Securities Board of Nepal (SEBON) has sought explanation from Citizens Mutual Fund-owned Citizens Mutual Fund -1, NMB Mutual Fund-owned NMB Sulav Investment Fund -1 and NMB Hybrid Fund -1, Laxmi Mutual Fund-owned Laxmi Equity Fund and Laxmi Value Fund -1, and NIC ASIA Mutual Fund-owned NIC ASIA Growth Fund, which have apparently breached the permissible limit for any mutual fund to invest in the deposit products of the BFIs.
The market regulator has warned the above mentioned mutual funds as it found about their wrong practice in their recently reported monthly NAV. The directives on Mutual Funds Management 2067 has capped the amount of investment to not more than 10% of their total fund size in deposit products of BFIs.
