Since the industry could not meet the deadline by April 1 of discontinuing pool account usage for mutual funds due to operational hassles, Sebi extended the deadline to July 1. However, it barred mutual funds from launching NFOs till the time the industry complied with the rule. It also sought tighter authentication requirements when redeeming mutual funds with the objective of reducing the likelihood of fund houses misusing investor money.
Since the industry could not meet the deadline by April 1 of discontinuing pool account usage for mutual funds due to operational hassles, Sebi extended the deadline to July 1. However, it barred mutual funds from launching NFOs till the time the industry complied with the rule. It also sought tighter authentication requirements when redeeming mutual funds with the objective of reducing the likelihood of fund houses misusing investor money.
Since the industry could not meet the deadline by April 1 of discontinuing pool account usage for mutual funds due to operational hassles, Sebi extended the deadline to July 1. However, it barred mutual funds from launching NFOs till the time the industry complied with the rule. It also sought tighter authentication requirements when redeeming mutual funds with the objective of reducing the likelihood of fund houses misusing investor money. 
