The Securities and Exchange Board of India (Sebi) on Thursday modified norms for investments in securities by employees, board members and trustees of asset management companies (AMCs). The regulator also stated that the board of the AMC and Trustees shall ensure compliance on a continuous basis and shall report any violations and remedial action taken by them in the periodical reports submitted to the board.
Sebi has expanded the ambit of ‘access persons’ and said such entities shall not take undue advantage of any sensitive information that they may have about any company or its securities or about the AMC’s