quant MF Admits To Search And Seizure Operation By SEBI

Sandeep Tandon-founded quant Mutual Fund has clarified to unitholders that market regulator Securities and Exchange Board of India conducted court-approved search and seizure operations with respect to an ongoing investigation.

The message was sent to unitholders as a corrigendum to an earlier communication sent out by the fund house. A corrigendum is used to correct errors in communications that have been published.

On June 27, quant MF had sent out information to unitholders under "frequently asked questions". The first question in the list read: "Has the SEBI enquiry concluded?". To which, the fund house said, "No, it (is) a regular ongoing process globally by regulator to collect data and analyze it."

A court approved search and seizure operation is much more significant than a regular process and suggests a response by the regulator to specific information.

In a letter to unitholders on June 23, the fund house confirmed receiving enquiries from SEBI. It said it would provide the markets regulator with all necessary support and continue to furnish data to SEBI on a regular and as-needed basis.