Sebi gets tougher with MF industry body for dragging feet on pooling norms

Regulator also unhappy with phase-1 of two-factor authentication framework, asks Amfi for schedule and progress reports

Mutual funds (MF) allegedly delaying pooling norms has prompted the market regulator to press the Rs 39-trillion industry for timely action.

The Securities and Exchange Board of India (Sebi) last week asked the Association of Mutual Funds in India (Amfi) to provide an activity schedule and progress reports on ensuring timely implementation of its framework for two-factor authentication, a security measure for subscribers of MF units.

Sebi usually sets implementation deadlines and rarely does it ask for regular updates, said one industry official. According to a senior MF executive, Sebi appears miffed by the industry's failure to properly implement new