Sebi grants more time to submit comments on proposed mechanism for AMCs to detect fraud

Sebi has extended the deadline for public comments regarding a proposal that seeks asset management companies (AMCs) to set up an institutional mechanism for the deterrence of possible market abuse and fraudulent transactions. AMCs should put in place surveillance systems and internal control procedures to deter possible misconduct by employees or other entities relating to fund management or investments of mutual fund schemes, the Securities and Exchange Board of India suggested.