PIL Seeks Action Against Amfi For 'Misleading' MF Ads

December 21, 2024 09:41

Illustration: Dominic Xavier/Rediff.com

A public interest litigation has been filed in the Bombay high court seeking directions to the Securities and Exchange Board of India to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for 'misleading' and 'deceptive' advertisement campaigns under the investor education and protection measures.

The petitioner, a chartered accountant, has alleged that Amfi was 'recklessly propagating that mutual funds are right without any basis or rationale'.

"The ad campaigns are completely unfounded, reckless, false, baseless, and misleading with selective and distorted emphasis on positive features," the petitioner alleged.

The Bombay high court on December 18 appointed an amicus curiae in the matter considering the public interest involved and directed issuance of notice to Sebi and Amfi.

Comparing the advertisements by Amfi to those of other institutions such as the Reserve Bank of India, National Stock Exchange and Sebi itself, the petitioner said the aforementioned ads do not solicit any business, don't have any commercial motive, and are to 'truly' to serve the public good unlike the Amfi ads which have commercial motive. -- Khushboo Tiwari/Business Standard

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