In a written reply to the Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said adjudication proceedings were initiated against Franklin Templeton MF in March this year for violation of mutual fund norms.
Besides, Sebi has initiated adjudication and enquiry proceedings against JPMorgan MF in December last year for violation mutual fund regulations in the matter of investment in Amtek Auto's debt securities.
The minister said 49 warning and 56 deficiency letters have been issued to 39 mutual fund houses, including JPMorgan MF and Franklin Templeton MF.
A total of 43 mutual fund houses operate in the country with an assets under management of over Rs 14 lakh crore.
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