Sebi slaps Rs 5 lakh on ICICI Pru Trust, ICICI Pru AMC for not exercising due diligence
Updated : December 25, 2019 06:54 AM IST
Markets regulator Sebi has imposed a total penalty of Rs 5 lakh on ICICI Prudential Trust and ICICI Prudential Asset Management Company.
The regulator noted that investments were made in companies other than those in the FMCG industry which was against the mandate of the scheme.
Sebi noted that trustees, being under such trust obligation ought to ensure that the timing and the quantum of distribution of dividend are in the best interest of investors.