Motilal Oswal AMC denies allegations of unethical practices as baseless

Motilal Oswal Asset Management Company (MO AMC) issued a statement on Sunday, stating that recent allegations of "unethical practices" against the firm and its officials are "totally false and a blatant attempt to mislead the public."

 

"We categorically deny the baseless, malicious, and defamatory allegations circulating on social media against MO AMC and its officials. These baseless accusations are a deliberate attempt by individuals with vested interests to malign the good reputation that our firm and leadership have built over decades," the company stated.

 

In the past few weeks, social media posts have alleged that MO AMC officials may have been bribed to make significant investments in Kalyan Jewellers. The rumours continued even as the jeweller strongly denied any such possibilities last week. The allegations are said to be one of the reasons behind the 37 per cent fall in Kalyan Jewellers' stock in the past two weeks.

 

Kalyan Jewellers  has been one of the top holdings of most MO Mutual Fund schemes.

 

"The allegations made against the firm and its officials about rumours related to resignation, unethical practices, or search are totally false and a blatant attempt to mislead the public and damage the trust we have earned over decades of exemplary service," MO AMC said in a release.

 

"We urge all stakeholders to rely on credible and verified sources of information. We reassure our investors, distributors, shareholders, and all other stakeholders that we follow the highest level of compliance standards and we have full faith in our systems, processes, and fund managers," it added.