SBI Fund Management Unlisted Shares
SBI can restrict offerings to only SBI MF schemes: Sebi chairperson Madhabi Puri Buch
MINT
2 min read
SEBI Chairperson: SBI can restrict offerings to only SBI MF schemes.
Expert Analysis:
Madhabi Puri Buch, SEBI chairperson, clarified:
SEBI Chairperson Madhabi Puri Buch clarified at an SBI Mutual Fund event that Banks only selling mutual fund products offered by their sister concern is acceptable unless they’re mis-selling.
According to FY22 data from the Association of Mutual Funds of India, about 97% of State Bank of India's mutual fund commissions came from SBI Mutual Fund.
In the same period, 52% of SBI AMC’s commission payout (₹711 crore) went to its parent bank, as per the AMC’s annual disclosure data.
Buch emphasized:
Buch told Mint, “If an entity decides to sell its own group’s products, I see no issue with it. If SBI has the might of its distribution, why should they not use it.”
Buch added that if a fund is underperforming and its sale amounts to mis-selling, safeguards are necessary, but she is confident that the mutual fund ecosystem will address this issue.
During the event, Buch recounted how, while leading ICICI Caps (later ICICI Securities), she was questioned about not promoting ICICI Mutual Fund schemes.
SBI Open Architecture: Dinesh Khara, SBI chairperson, states that SBI's open architecture allows the bank to sell mutual fund schemes from any company.
SBI Commission Data: Despite this, data shows that an overwhelming majority of SBI’s commissions come from SBI Mutual Fund.
SEBI’s Madhabi Puri Buch stressed:
Selling only sister-concern mutual funds is fine unless mis-selling occurs.
FY22 data highlights:
97% of SBI's mutual fund commissions came from SBI Mutual Fund.
₹711 crore (52%) of SBI AMC’s commission payout went to SBI.
SBI chairperson Dinesh Khara noted:
SBI’s open architecture for selling various mutual fund schemes.
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