ICICI Prudential MF sells I-Sec shares and starts paying back investors

Matter had come under the scanner of the markets regulator, Sebi

ICICI Prudential Mutual Fund has started the process of crediting back to the five schemes that had invested Rs 2.4 billion in ICICI Securities on the last day of the latter’s Initial Public Offer (IPO) of equity.

The matter had come under the scanner of the markets regulator, Securities and Exchange Board of India (Sebi).

On Sunday, a communication was sent to investors of ICICI Prudential Value Fund Series 19. Saying: "In respect of certain investment made by the scheme, amounts as advised by (Sebi) have been credited to the scheme. Consequently, the Net Asset Value of the scheme as