Sebi passes consent order on Reliance Capital Asset Management

The Securities and Exchange Board of India has passed consent order on Reliance Capital Asset Management after it sought settlement of enforcement action for inadequate disclosure relating to related party transaction,holding of securities of certain clients in their own PMS( portfolio management service) account and for incomplete account opening forms for some corporate entities among others.The regulator has settled the case against the AMC after it agreed to pay Rs 19.500000 as settlement charges.Sebi's inspection report also alleged non-furnishing of the physical copies of the reports containing prescribed details to clients on a half yearly basis and for not conducting business with high standards of integrity and fairness in all dealings with clients and not rendering high standards of service."We declare that, as advised by SEBI , we will carry out further changes..of the disclosure document on the lines of draft.. Further, we declare that the revised disclosure document will be submitted to your office immediately after the receipt of auditor's certificate and approval of the revised disclosure document by the board of directors,"Reliance Capital Asset Management told Sebi.