 "mutual funds, MF")
Three mutual funds -- Reliance MF, ICICI Prudential MF and Invesco MF -- have decided to withheld last month’s trail commissions to distributors for those folios where the KYC-compliance is not complete. The MFs have sent the communication to distributors following a recent inspection report by the Securities and Exchange Board of India (Sebi) where it highlighted 25 violations and demanded corrective actions.
According to a communication by Reliance MF, a copy of which is with Business Standard, "... based on recent Sebi advise for investors where PAN/KYC is not available, we have kept your trail commission (if any) on
