UTI AMC initial public offering faces a delay over compliance issues

The much-awaited initial public offering (IPO) of UTI Asset Management Company (AMC) is facing a delay in obtaining approval from markets regulator Securities and Exchange Board of India (Sebi), even after six months of filing its offer document.   People in the know said Sebi has reservations over certain compliance issues. These include appointment of the permanent chief executive officer (CEO) and alleged violation of overseas investment norms by the fund house involving its Mauritius entity.   “The regulator has sought certain clarifications and additional infor.....

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