Sebi asks mutual funds to take action against fake Telegram groups

MFs told to issue press release and file FIR against misleading groups

The Securities and Exchange Board of India (Sebi) has asked mutual funds to regularly monitor social media platforms and take action against entities misusing names of mutual funds to lure investors.

"Mutual funds shall be vigilant and regularly monitor social media to identify entities or groups which camouflage themselves as registered mutual funds or misuse the names of mutual funds to lure the investors," Sebi said in a communication to industry body Association of Mutual Funds in India (Amfi) on Wednesday.

"Mutual Funds should promptly take appropriate actions including issuing a press release/public notice, filing FIR, etc," the letter added.