Besides, adjudication proceedings are underway in seven cases and settlement has been reached through consent mechanism in five other cases, Minister of State for Finance Namo Narain Meena informed the Rajya Sabha in a written reply today.

"In 2010-11, 2011-12 and in 2012-13 (up to February), the Securities and Exchange Board of India (Sebi) has issued 30, 14 and 6 warning letters respectively to mutual funds who were found in violation of the Sebi (Mutual Funds) regulations," he said.

Additionally, while the regulator has not issued any deficiency letters in the current fiscal, 26 and six such letters were issued in 2010-11 and 2011-12, respectively.

"In the last two and the current year, five entities have been prohibited from buying, selling or dealing in securities directly or indirectly, till further orders and required to deposit the illegitimate gain identified in the investigations in an escrow account till further orders," Meena said.

"Sebi has informed that it takes administrative action by way of issuing warning and deficiency letters against Mutual Funds found to have committed irregularities," Meena said.

He further said, enforcement actions such as direction, adjudication, enquiry etc can be initiated under Sebi's norms, depending upon the severity of the violation observed.

In reply to another question related to mis-selling of insurance policies through Internet, Meena said 52 complaints have been received by insurance regulator IRDA since 2008 and 50 of those have been already resolved.

PTI