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Sebi sticks to deadline for MF pay disclosure

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The Securities and Exchange Board of India ( Sebi) has told mutual fund ( MF) houses there will be no extension of its earlier order to them for disclosing the remuneration of their top executives.
The deadline for disclosure was Sunday but several fund houses had not complied, saying there was lack of clarity on the issue. There would be no extension, members were told on Sebi’s behalf by the Association of Mutual Funds in India ( Amfi) on Monday.
Anyone who’d not complied by Sunday would have till endMonday to do so. Further, the regulator asked fund houses not to put unnecessary and unhelpful filters while providing the information to investors.
For instance, some fund houses were asking for several details from investors such as folio number, registered phone number, PAN card number, registered e- mail IDs, bank account number and date of birth, among others, for accessing the information of remuneration.
Sebi also allowed fund houses to indicate employee stock options for different years separately.
This would help fund houses to come up with a more realistic annual salary and not a bloated one for key managerial people. Indias top fund houses -ICICI Prudential Mutual Fund, HDFC MF and Reliance MF — adhered to the regulators diktat and allowed their investors a sneek- peak into the pay packages of their top officials for 2015- 16. However, other leading asset management companies -including Birla Sun Life, UTI MF, SBI MF, Franklin Templeton MF, IDFC MF and Kotak MF —opted not to upload the remuneration figures on their websites.
Business Standard  New Delhi, 3rd  May  2016

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