Another blow to DLF; MFs not allowing to redeem Rs2K-crore investments

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Another blow to DLF; MFs not allowing to redeem Rs2K-crore investments

MUMBAI: In yet another blow to fortunes of the country's largest real estate developer DLF, domestic mutual funds are holding off from redeeming investments amounting to more than Rs2,000 crore made by the company in their schemes.

This was disclosed by DLF on Wednesday at the hearing of the Securities Appellate Tribunal (SAT) of the company's appeal against the recent Securities and Exchange Board of India (Sebi) order banning the developer and six top executives from accessing the capital market for three years. The order has triggered a steep slump in the company's shares. Immediately after the Sebi order, the Association of Mutual Funds of India (AMFI) grouping sought clarification from the regulator on possible redemptions by DLF. Sebi hasn't replied officially to this query. "We have sought clarification from the market regulator on DLF redemption. However, Sebi hasn't responded," said the CEO of a leading mutual fund in which DLF has investments. "We cannot allow the redemption of units till we get clarity from Sebi." But, according to sources, the capital market regulator has informally told fund houses to seek the opinion of their legal advisors on any redemptions.


Economics Times
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