Exaggerated advertisements and claims by portfolio managers have caught the attention of market regulator Securities and Exchange Board of India (Sebi), which has asked them to remove such misleading communications immediately, citing violations of the code of conduct.
In a letter issued on June 10 to the Association of Portfolio Managers in India (APMI), Sebi asked portfolio managers to refrain from making any statements regarding their investment capabilities or historical returns that may mislead investors.
Sebi has observed certain registered portfolio managers using superlative or unsubstantiated advertisements and claims on their websites or in public media platforms about their past
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