Anil Ambani group (ADAG) owned Reliance Mutual Fund said on Thursday that it has withdrawn advertisement of its new scheme following a show-cause notice by the market regulator SEBI.

"...the advertisement in question has been withdrawn, and a revised advertisement will be released starting tomorrow," a Reliance MF spokesperson said.

In an order on Wednesday, SEBI asked Reliance MF to explain violations of norms in its advertisement for its infrastructure fund to avert action by the market watchdog.

The spokesperson said, "We will file our response to SEBI within the prescribed time of 15 days to establish that there has been no violation of applicable SEBI guidelines. The spokesperson added that the Reliance Infrastructure Fund NFO will close as announced on June 23, 2009.