Capital market regulator, SEBI, today said it will question top officials of fund houses about non- performance of mutual fund schemes and probe their non-compliance with the stated investment objectives.

Concerned over the non-performance of some schemes over a long period of time, Securities and Exchange Board of India (SEBI) Chairman U K Sinha, said that fund houses need to look into the matter and consider merger of some schemes. Speaking at a CII mutual fund summit in Mumbai today, Mr. Sinha also said that the regulator would conduct inspection on Asset Management Companies (AMCs) for not following rules with regard to the fund objectives.

AIR correspondent reports, every mutual fund scheme has a stated investment objective and they are supposed to invest accordingly.