Sebi fines SBI, LIC, Bank of Baroda over Mutual Funds

Markets regulator Sebi has fined banking major SBI, life insurance major LIC and PSU lender Bank of Baroda Rs 10 lakh each for holding more than 10% share in UTI Mutual Fund in addition to the holding majority stake in fund houses promoted by them. Sebi said that in March 2018, it had amended the holding norms for fund houses.

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