Sebi asks MFs to remove ads that ‘mislead’ investors on returns

The Securities and Exchange Board of India (Sebi) has asked mutual funds to remove all advertisements or illustrations that mislead investors on returns.

In a letter dated March 3, the capital markets regulator directed the industry body Association of Mutual Funds of India (AMFI) to ask fund houses to refrain from this practice and remove promotional material such as advertisements, illustrations, pamphlets, and brochures that make these claims.