Sebi tightens mutual fund remuneration disclosure norms

With an aim to bring in greater transparency in dealings of mutual funds (MFs), markets regulator Sebi today asked MF houses to disclose to investors the remuneration of employees earning Rs 1 crore in a financial year.

Like listed companies, MF houses will also have to disclose the annual salary of chief executive officer (CEO), chief investment officer (CIO), chief operating officer (COO) and any other top official and also the ratio of CEO’s remuneration to median employee salary.

Besides, name, designation and remuneration of every employee whose total pay package is equal to or more than Rs 1.02 crore for that financial year need to be disclosed.

Salary details of part-time employees, who received at least Rs 8.5 lakh per month during their stint with the company should also be disclosed.
Noting that surrogate advertisements for alcohol was illegal, the plea said it was the government and its agencies’ failure to ensure implementation of the law.

Source Economic Times

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