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SEBI has found Nilesh Kapadia, AVP-Equities at HDFC Mutual Fund guilty of front-running trades that the fund was going to take and has given directions to HDFC MF on the issue:
The investigation revealed that Mr. Nilesh Kapadia, Assistant Vice President–Equities of HDFC AMC was tipping off and advising Mr. Rajiv Ramniklal Sanghvi to trade ahead of the orders of HDFC AMC and had helped him to make substantial gains in the process.
In another order today, the SEBI confirmed it’s directions against Mr. PS Saminathan vide it’s interim order in the matter of Pyramid Saimira Theatre Limited (PSTL). The interim order had restrained Mr Saminathan from buying, selling and dealing in the securities market including any IPO. Mr Saminathan was alleged to have made misleading announcements to create public interest in PSTL.
SEBI brings light to such shady deals and happening in the deep waters of the stock market. You are on your own in these waters infested with Sharks.
Scary, but if you are disciplined and conscious about your security, it isn’t too hard to get a rich haul of fishes for your own consumption!
How do you react to such stories?
About Ranjan
He edits Personal Finance Online Resources, delivers Financial Awareness Workshops and has built a desktop RupeeManager.
Email: ranjan@ranjanvarma.com or Call on +919867755615
Ahhh Scary and that too with my hard earned money. Though they are also earning the other hard way. Regulations or no regulations, these things will always be there. So why be scared, BE AWARE and let the crows eat the stenching fish!
Flag HDFC MF for some more time. Avoid them or any Fund house with dubicious reputation. Never put money even if their funds are performing top of the tables in all the catagories. Remember JM Mutual fund..all the funds are now at the bottom of the tables. I think HDFC AMC is good fundhouse and they will do something about this issue.
Ranjan Ji
The matter is not clear. If i have invested in ELSS or any of their fund, then how it affects my money?
Regards
S.Da
It’s actually a big “thank you” to SEBI, who really show proactive interest in protecting investors like us.
So far, there has been no fingers pointed at HDFC itself, right?
So if they really are clean and all this is the mis-doing of one employee and HDFC does get the money back (as per SEBI’s order), then would it be good for the investor’s, right?
Then this