Mumbai: Not all mutual fund firms have followed a directive from market regulator Securities and Exchange Board of India (Sebi) to disclose fund manager salaries (in cases where they exceed 60 lakh a year) on their websites.

And some that have done so have not made it easy for investors and others to access the information on their websites. Indeed, some only allow investors to access this data.

A few have even warned investors of dire consequences if they publicize the information.

Sebi’s 18 March directive was aimed at improving the disclosure norms of funds, especially in terms of costs.

The same directive asked the funds to disclose the amount they paid to distributors as commission and also expense ratios.

An analysis of the 10 largest and the 10 smallest funds by assets under management shows that, in general, the smaller funds have followed the regulator’s directive.

For instance, Quantum Asset Management Co. and Peerless Funds Management Co. have disclosed the data in a place where it is easily accessible and in a format that is readily comprehensible.

In contrast, ICICI Prudential Asset Management Co. makes users toggle back and forth to see the data. Nimesh Shah, chief executive officer (CEO) of ICICI Prudential, did not answer calls to his mobile phone.

Some fund houses such as Birla Sun Life Asset Management Co. Ltd, UTI Asset Management Co. Ltd and Franklin Templeton Asset Management (India) Pvt. Ltd have not yet disclosed their numbers.

A. Balasubramanian, CEO, Birla Sun Life AMC, and Leo Puri, CEO of UTI Asset Management, did not answer calls to their mobile phones.

The Association of Mutual Funds of India (the MF industry’s lobby group) had a late evening meeting with U.K. Sinha, chairman of Sebi, on Monday to forge a consensus on a standardized format for the data.

“Expect all fund houses to fall in line within a day or two", said the CEO of a fund house who did not want to be named.

For instance, ICICI Prudential Asset Management Co, HDFC Asset Management Co. Ltd and BOI Axa Investment Managers Ltd are disclosing fund manager remuneration details only after an investor furnishes the folio number and PAN details.

Reliance Capital Asset Management Ltd and Union KBC Asset Management Co. Ltd have done one better—a one-time password (OTP) is sent to the registered mobile numbers of existing investors for accessing details of salaries of fund officials.

India Infoline Asset Management Co. Ltd says it will email the details while Motilal Oswal Asset Management Company Ltd will prolong the wait by making the disclosure by way of courier.

There are some fund houses that have also threatened legal action if the information pertaining to remuneration is disseminated.

DSP BlackRock Investment Managers Ltd asks investors who are seeking the mandatory disclosure to agree to a legal undertaking.

“We had a meeting with Sebi today. Sebi told us that fund houses may continue to give the remuneration data to their existing investors," said C.V.R. Rajendran, CEO, Amfi.

“But after verifying their credentials—like asking their folios numbers—further impediments should not be made to access the data, like sending a one-time password or sending details by email and so on. Remuneration will be...as per the Income Tax Act. And long-term compensation should be segregated. For example, ESOPs (employee stock options) should be shown separately," Rajendran said.

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