Amfi moves Sebi against R.I.C.H. fund ad

Private life insurer ICICI Prudential's launch of 'R.I.C.H. fund' has run into controversy with the mutual fund industry taking serious exception to the product's advertisement campaign, which according to them gives an impression that it is a mutual fund scheme though it actually is a Unit-Linked Insurance Plan (Ulip).

Based on the complaints from mutual funds, the Association of Mutual Funds in India (Amfi) has taken up the matter with both the Securities and Exchange Board of India (Sebi) and the Insurance Regulatory & Development Authority (Irda), said sources.

The advertisement by ICICI Prudential Life Insurance Company says the 'New fund opens on March 15 @ Rs 10'. The ad mirrors advertisements by mutual fund houses for their NFOs, points out industry officials.

The advertisements, which is now coming out in both print and electronic media, ask investors to 'Benefit with India's Powerful 4' namely 'Resources, Investments, Consumption and Human Capital'.