The Chief Executive Officers of Mutual Fund houses are on a Cloud9 these days. Most of the bigger Mutual fund houses and smaller mutual fund houses have paid handsome salaries to their CEOs despite marginal profits out of losses.
Now the Securities and Exchange Board of India, SEBI have asked all the Mutual fund houses to mention the salary of their too-officials and CEO so that Mutual fund investors get an idea about the salaries of the Top executives of Mutual fund houses.
SEBI body has given a deadline of April 30, 2017, this year to disclose the salary. As of now, only ICICI Prudential, Reliance Mutual funds and HDFC mutual funds have disclosed the salary.
Problems that other investors are facing while disclosing the details:
- There are other mutual fund houses that are really finding it tough to disclose the salary.
- Some have asked for the folio number to give this secret information to SEBI.
- Some investors have asked for 2-3 days’ time to disclose this information.
- There are some mutual fund houses that have put barriers like an OTP, One-time password so that investors can’t easily get the information about it.
According to the latest reports collected by the Mutual fund houses, the list of top-4 mutual fund houses that paid handsome salaries to their CEO includes:
- ICICI Prudential,
- Reliance Mutual funds,
- Birla SunLife, and
- HDFC mutual funds
SBI Mutual fund on the fifth position recently appointed a new CEO and MD of this Mutual fund house, Anuradha Rao, so it has really become tough to find out the salary of this CEO.
With the high salary trend, the Chief Investing Officers are no lagging behind. They have also been awarded delightful salaries this time. You will really be surprised to know that some of the bigger Mutual fund houses paid lesser than the smaller mutual fund houses. Although smaller mutual fund houses were in losses but they managed to give higher salaries from the profit margins.
The discloser of Mutual fund’s CEO salaries by SEBI notice is a bold step to maintain transparency in the system.