An Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors' money, sources said.
At the time, the parent company of the mutual fund was owned by the Anil Dhirubhai Ambani Group. Yes Bank was taken over by the central bank in 2020 and sold to a consortium of banks after a dramatic rise in toxic assets.
If the regulator's probe results in charges against the fund, its officials or the bank, it could lead to penalties ranging from restrictions on accessing capital markets to monetary penalties. The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said.
As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.9 trillion rupees as well as the biggest foreign-owned mutual fund.
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