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SEBI may launch probe in JM MF's g-sec deals

MUMBAI MAY 8. The Securities and Exchange Board of India may soon launch a full-fledged investigation into the alleged violation of mutual funds regulations by JM Mutual fund while dealing in the government securities (g-secs). "Following the Reserve Bank of India's communication on transactions involving JM Mutual fund and two finance companies, we have sought preliminary data on G-sec trading from the fund,'' SEBI sources said here today.

"The apex bank has sought a probe into transactions by these parties in highly illiquid government securities and based on the analysis we could go for regular investigations,'' they said.

Sources said the JM MF officials had maintained that these transactions were legal and meet the investment norms.

The RBI has pointed out that the transactions pattern and activity levels of the two finance companies, which are not registered with the market regulator or the stock exchanges, do not appear to be conducted by an ordinary investor, sources added.

— PTI

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