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SBI’s JV adopts stewardship code as mandated by Sebi

Date: 17-03-2020

State Bank of India’s (SBI) joint venture (JV) -- SBI Funds Management has adopted stewardship code which requires the fund house to monitor its investor companies and establish voting policies. In doing this, SBI Mutual Fund has become the first fund house to implement the stewardship code in India.

The code will come into force from April 1, 2020. Under the code, institutional investors need to monitor investor companies and intervene in these firms in case of any requirement through meetings with the management. Also, they need to have a policy on voting and disclose the voting behaviour.

SBI Funds Management is JV between SBI and European asset manager Amundi.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.