HDFC Asset Management has been directed by the Securities and Exchange Board of India (SEBI) to refund the money collected from distributors and advisers for its pre-IPO share sale
HDFC AMC filed for the approval of its IPO in March. Its draft red herring prospectus mentioned that it may allot close to 7.2 lakh shares to its distributors, a move that SEBI did not allow. The fund house then went for a private placement with the said distributors
