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Sebi asks mutual fund houses to act against dubious Telegram groups

Prompt action must be taken against any activities or posts on social media that go against the interests of asset management companies, the market regulator said.

December 07, 2022 / 02:46 PM IST

The capital market regulator has asked asset management companies to be vigilant and monitor social media platforms to identify Telegram groups that pass themselves off as registered mutual funds or misuse the names of mutual funds.

Certain dubious groups have been observed on Telegram, a messaging app, with misleading or misrepresenting names of mutual funds, the Securities and Exchange Board of India said in a letter to fund houses. Moneycontrol has reviewed a copy of this letter.

In the letter, the regulator also mentioned some of the Telegram groups impersonating mutual fund houses. For example, Paytm Doubling Mutual Funds had 90,818 users, Paytm Doubling Funds Mutual 86,435 users, Tata Mutual Fund Investment 77,509 users and Close Friends Traders 65,723 users.

“In the course of such monitoring, if the AMC comes across any activities or posts on the social media which are dubious in nature and against the interest of investors of such entities, the AMC should take appropriate actions promptly, including issuing a press release/public notice, filing police complaint/FIR etc. to ensure that such entities/groups are prevented from misusing names of the mutual funds,” the regulator advised the fund houses.