Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-16122024-259451
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 992]
NEW DELHI, MONDAY, DECEMBER 16, 2024/ AGRAHAYANA 25, 1946
8126 GI/2024
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SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 16th December, 2024
[PART III—SEC.4]
SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (THIRD AMENDMENT)
REGULATIONS, 2024
No. SEBI/LAD-NRO/GN/2024/221.—In exercise of the powers conferred by section 30 read with clause (c)
of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board
hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996, namely—
1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Third
Amendment) Regulations, 2024.
2. They shall come into force on the date of their publication in the Official Gazette:
Provided that sub-regulations I, II and VI of regulation 3 of these amendment regulations shall come
into force on the ninetieth day from the date of their publication in the Official Gazette:
Provided further that sub-regulations IV and V of regulation 3 of these amendment regulations shall
come into force with effect from April 1, 2025.
3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,—
I. in Chapter II, in regulation 11, after the words and symbol "in regulation 7", the words and
symbol "or regulation 81" shall be inserted.
II. in Chapter IV, in regulation 23, after the words and symbol "in regulation 21", the words
and symbol "and regulation 86" shall be inserted.
III. In regulation 29A,-
(i) in sub-regulation (1), the words "in the manner specified in Fourth Schedule" shall be
substituted with the words "in the manner as may be specified from time to time".
(ii) the existing sub-regulation (2) shall be renumbered as sub-regulation (3).
(iii) after sub-regulation (1), the following sub-regulation shall be inserted, namely:
"(2) The unitholder shall have an option to nominate, in the manner as may be
specified, a person who shall be authorized to conduct transactions on behalf of the
unitholder in the event of the incapacitation of the unitholder."
(iv) after sub-regulation (3), the following sub-regulation shall be inserted, namely:
"(4) An asset management company or its registrar to an issue and share transfer agent
shall not be liable for any action taken on the basis of nomination made by the
unitholder."
IV. in Chapter VI, in regulation 43, after sub-regulation (7), the following sub-regulation shall
be inserted, namely,
"(8) Moneys collected under the investment strategies of a Specialized Investment Fund
shall be invested in accordance with regulation 49Z."
V. After chapter VI-B, the following chapter and regulations shall be inserted, namely, —
"CHAPTER VI-C
SPECIALIZED INVESTMENT FUND
Definitions:
49U. For the purposes of this Chapter, unless the context otherwise requires-
a) "Accredited Investor" shall have the same meaning as assigned to it in clause
(ab) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board
of India (Alternative Investment Funds) Regulations, 2012;
b) "Specialized Investment Fund" means a mutual fund as defined under clause
(q) of sub-regulation (1) of regulation 2 of these regulations and subject to such
other conditions as specified under this chapter:
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Provided that a mutual fund registered under regulation 9 shall not be required
to establish a separate trust for launching any Investment Strategy under the
Specialized Investment Fund.
c) "Investment Strategy" means a scheme of mutual fund launched under the
Specialized Investment Fund.
Applicability:
49V. (1) The provisions of this Chapter shall apply to a Specialized Investment Fund.
(2) Unless the context otherwise requires, all other provisions of these regulations and
the guidelines and circulars issued thereunder shall apply to a Specialized Investment
Fund and the investment strategies launched under it, the trustees and the asset
management companies in relation to such investment strategies, except where
specific provisions are made in relation thereto under this Chapter.
Approval requirements:
49W. (1) A mutual fund registered under regulation 9 may be granted an approval to
establish a Specialized Investment Fund subject to fulfilling such eligibility criteria
and in the manner, as may be specified by the board.
Conditions for Specialized Investment Fund:
49X. (1) A Specialized Investment Fund shall not accept from an investor, an investment
amount less than ten lakh rupees across all investment strategies in the manner as may
be specified by the Board:
Provided that the requirement of minimum investment amount shall not apply to an
accredited investor.
(2) The Fund Manager of Specialized Investment Funds shall have the relevant NISM
certification as may be specified by the Board from time to time.
(3) All provisions applicable to the schemes of a mutual fund under these regulations
shall also apply to the Investment Strategies launched under the Specialized
Investment Fund, unless otherwise specified.
Procedure for launching of investment strategies:
49Y. (1) The investment strategies under the Specialized Investment Fund shall be
launched in accordance with the procedure applicable to the schemes of the mutual funds,
as laid down in regulation 28:
Provided that a Specialized Investment Fund may launch such investment strategies in the
manner as may be specified by the Board from time to time.
(2) An investment strategy under the Specialized Investment Fund shall be launched as an
open-ended investment strategy or close-ended investment strategy or interval investment
strategy with subscription and redemption frequency appropriately disclosed in the offer
document.
(3) The fees and expenses for the investment strategies launched under the Specialized
Investment Fund shall be in accordance with regulation 52 of these regulations.
Permissible investments:
49Z. (1) Specialized Investment Fund may invest monies collected under any of its
investment strategies in instruments permitted under sub-regulation (1) of regulation 43 for
mutual funds schemes:
Provided that the manner of investment by a Specialized Investment Fund may be specified
by the Board.
(2) Any investment to be made under sub-regulation (1) of regulation 49Z shall be invested
subject to investment restrictions as specified under regulation 49AA.
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Restrictions on investments:
[PART III-SEC.4]
49AA. (1) An investment strategy under Specialized Investment Fund shall not invest more
than 20 per cent of its NAV in debt instruments comprising money market instruments and
non-money market instruments issued by a single issuer which are rated not below
investment grade by a credit rating agency authorised to carry out such activity under the
Act. Such investment limit may be extended to 25 per cent of the NAV of the investment
strategy with the prior approval of the Board of Trustees and Board of Directors of the
asset management company:
Provided that such limit shall not be applicable for investments in Government Securities,
treasury bills and triparty repo on Government securities or treasury bills:
Provided further that investments within such limit can be made in mortgaged backed
securitised debt which are rated not below investment grade by a credit rating agency
registered with the Board:
Provided further that such limit shall not be applicable for investments in case of debt
exchange traded funds or such other funds as may be specified by the Board from time to
time.
(2) No Specialized Investment Fund under all its investment strategies should own more
than fifteen per cent of any company's paid up capital carrying voting rights:
Provided that investment in the asset management company or the trustee company of a
mutual fund shall be governed by clause (a) of sub-regulation (1) of regulation 7B:
Provided further that the limit mentioned in sub-regulation (2) above shall be inclusive of
ten per cent limit for mutual fund schemes as specified under clause 2 of Seventh Schedule.
Explanation: If a mutual fund under all its schemes owns ten per cent of any company's
paid up capital carrying voting rights, then the Specialized Investment fund under all its
investment strategies shall not own more than five per cent of that company's paid up
capital carrying voting rights.
(3) No investment strategy of a Specialized Investment Fund shall invest more than 10 per
cent of its NAV in the equity shares and equity-related instruments of any company.
(4) A Specialized Investment Fund may invest in the units of REITs and InvITs subject to
the following:
(a) No Specialized Investment Fund under all its investment strategies shall own more
than 20 per cent of units issued by a single issuer of REIT and InvIT:
Provided that the limit mentioned in clause (a) of sub-regulation 4 above shall be inclusive
of 10 per cent limit for mutual fund scheme as specified under clause 13 (a) of Seventh
Schedule.
(b) An investment strategy under Specialized Investment Fund shall not invest -
(i) more than 20 per cent of its NAV in the units of REITs and InvITs; and
(ii) more than 10 per cent of its NAV in the units of REIT and InvIT issued by a
single issuer:
Provided that the limits mentioned in sub-clauses (i) and (ii) above shall not be applicable
for investments in case of index fund or sector or industry specific scheme pertaining to
REIT and InvIT.
(5) All other investment restrictions applicable for schemes of mutual funds as specified
under Seventh Schedule shall apply to investment strategies under the Specialized
Investment Fund.
Duties of Asset Management Company:
49AB. (1) The asset management company shall ensure that the Specialized Investment
Fund has distinct identification, separate from that of the Mutual Fund, to maintain clear
differentiation between the offerings of the Specialized Investment Fund and that of a
Mutual Fund.
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(2) The asset management company shall comply with the provisions relating to branding,
advertising, standard disclaimers, guidelines on usage of sponsor or asset management
company or mutual fund's brand name and maintenance of a separate website, as may be
specified by the Board from time to time.
Duties of trustees:
49AC. (1) The trustees shall ensure that the asset management company has the necessary
expertise, internal control systems and risk management mechanism to invest in and
manage investments.
(2) The trustees shall ensure that the asset management company shall comply with such
other requirements related to risk management, investor protection, disclosures and
reporting, as may be specified by the Board from time to time.
(3) The trustees shall ensure that all activities of the Specialized Investment Fund are in
accordance with the provisions of these regulations.
Disclosures in offer document and other disclosures:
49AD. (1) The offer documents of the Specialized Investment Fund shall contain
disclosures which are adequate for investors to make informed investment decisions,
highlighting the high-risk nature of the product, in the manner as may be specified by the
Board.
(2) The portfolio disclosures in respect of a Specialized Investment Fund shall be made in
the manner as may be specified by the Board."
VI. After Chapter X, the following new chapter shall be inserted, namely, -
"CHAPTER XI
MUTUAL FUNDS LITE
Definitions
79. (1) For the purposes of this Chapter, unless the context otherwise requires-
(a) "trustee" means a debenture trustee registered with the Board under the Securities
and Exchange Board of India (Debenture Trustees) Regulations, 1993:
Provided that in case an existing sponsor transfers its eligible passive schemes
from its existing mutual fund to a mutual fund lite in accordance with regulation
82, the MF Lite asset management company may appoint the existing trustee of
the mutual fund as the trustee of the mutual fund Lite.
(b) "Mutual Fund Lite” or “MF Lite” means a mutual fund that has obtained
registration under this Chapter and is having only such index funds, exchange
traded funds, fund of funds or other mutual fund schemes as may be specified by
the Board from time to time.
(c) "Mutual Fund Lite asset management company" or "MF Lite asset management
company" or "MF Lite AMC" means an asset management company of a Mutual
Fund Lite that has been granted approval under this Chapter.
(d) "Mutual Fund Lite scheme” or “MF Lite Scheme" means any scheme launched by
a mutual fund lite or any other eligible passive scheme as may be specified by
the Board from time to time.
Applicability
80. (1) The provisions of this Chapter shall be applicable to Mutual Funds Lite and
Mutual Fund Lite Schemes.
(2) All other provisions of these regulations except the following provisions and the
guidelines and circulars issues thereunder, unless the context otherwise requires, or is
repugnant to the provisions of this Chapter, shall apply to a Mutual Fund Lite, Mutual
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[PART III-SEC.4]
Fund Lite schemes, and trustees and asset management companies in relation to such
mutual funds and schemes:
i. regulation 7;
ii. regulation 14;
iii. regulation 15;
iv. regulation 16;
v. regulation 18;
vi. clause (f) and (g) of sub regulation (1) of regulation 21;
vii. clause (c) of regulation 22;
viii. regulation 24;
ix. regulation 25;
x. regulation 25A;
xi. sub regulation (1) of regulation 28;
xii. regulation 38A;
xiii. regulation 43A;
xiv. Chapter VIA;
xv. Chapter VIB;
xvi. regulation 59;
xvii. regulation 59A;
xviii. Third Schedule;
xix. Fourth Schedule; and
xx. Twelfth Schedule.
Eligibility Criteria
81. For the purpose of grant of certificate of registration as a Mutual Fund Lite, the
applicant has to fulfill the following requirements, namely
(a) the sponsor should have a sound track record and general reputation of fairness
and integrity in all business transactions.
Explanation: For the purposes of this clause “sound track record" shall mean the
sponsor should,
(i) ensure that the networth is positive in all the immediately preceding five
years; and
(ii) ensure that the positive liquid networth is more than the proposed capital
contribution of the sponsor in the MF Lite asset management company
and ensure that in case of change in control of the existing asset
management company due to acquisition of shares, the positive liquid net
worth of the sponsor or funds tied up by the sponsor is to the extent of
aggregate par value or market value of the shares proposed to be acquired,
whichever is higher; and
(iii) have net profit after providing for depreciation, interest and tax in three
out of immediately preceding five years including the fifth year; and
(iv) have average net annual profit after depreciation, interest and tax during
the immediately preceding five years of at least rupees five crore:
Provided that if the requirements specified under Explanation to clause (a) are
not fulfilled, the sponsor shall,-
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(i) adequately capitalize the MF Lite asset management company such that
the net worth of the said asset management company is not less than
rupees seventy five crore; and
(ii) ensure that the initial shareholding of sponsor equivalent to capital
contributed to the MF Lite asset management company to the extent of
not less than rupees seventy five crore is locked-in for a period of three
years; and
(iii) appoint experienced personnel in the MF Lite asset management company
such that the total combined experience of Chief Executive Officer, Chief
Operating Officer, Chief Compliance Officer and Chief Investment
Officer shall be at least twenty years; and
(iv) ensure that in case of acquisition of existing MF Lite asset management
company, the sponsor shall have minimum positive liquid net worth equal
to incremental capitalization required to ensure minimum capitalization of
the MF Lite asset management company and the positive liquid net worth
of the sponsor or the funds tied up by the sponsor are to the extent of
aggregate par value or market value of the shares proposed to be acquired,
whichever is higher;
(v) ensure that in case of acquisition of stake in an existing MF Lite asset
management company, the shareholding equivalent to at least rupees
seventy five crore shall be locked in for three years.
(vi) ensure that other conditions in this regard as may be specified by the
Board from time to time are adhered to:
Provided further that a private equity fund or a pooled investment vehicle or a
pooled investment fund may also be permitted to sponsor mutual funds lite
subject to such other conditions as may be specified by the Board from time to
time.
(b) applicant is a fit and proper person by taking into account the criteria specified in
Schedule II of the Securities and Exchange Board of India (Intermediaries)
Regulations, 2008.
(c) in the case of an existing mutual fund, such fund is in the form of a trust and the
trust deed has been approved by the Board;
(d) the sponsor has contributed or contributes at least 40% to the net worth of the
MF Lite asset management company:
Provided that any person who holds 40% or more of the net worth of a MF Lite
asset management company shall be deemed to be a sponsor and will be required
to fulfill the eligibility criteria specified in these regulations;
(e) the sponsor or any of its directors or the principal officer to be employed by the
MF Lite should not have been guilty of fraud or has not been convicted of an
offence involving moral turpitude or has not been found guilty of any economic
offence;
(f) appointment of debenture trustees to act as trustees for the MF Lite in
accordance with the provisions of the regulations;
(g) appointment of MF Lite asset management company to manage the MF Lite and
operate the scheme of such funds in accordance with the provisions of these
regulations;
(h) appointment of custodian in order to keep custody of the securities and such other
assets held by the Mutual Fund Lite as may be specified by the Board, and
provide such other custodial services as may be required for managing a Mutual
Fund Lite.
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Norms for shareholding.
[PART III-SEC.4]
82. (1) Notwithstanding anything contained under regulation 7B of these regulations, a
sponsor shall be permitted to obtain a registration as a mutual fund under Chapter II of
these regulations and a separate registration as a Mutual Fund Lite under this Chapter
subject to conditions specified by the Board from time to time.
(2) Notwithstanding anything contained under regulation 7B of these regulations, an
existing sponsor under these regulations may transfer its passive scheme which is
eligible as a mutual fund lite scheme from an existing mutual fund to a mutual fund
lite belonging to a group entity of the same sponsor, subject to conditions as specified
by the Board from time to time:
Provided that if an existing sponsor transfers its passive schemes from its existing
mutual fund to a mutual fund lite, the existing mutual fund shall not launch any
passive schemes that are eligible as mutual fund lite schemes after such transfer.
(3) Notwithstanding anything contained under regulation 7B of these regulations, an
existing shareholder holding 10% or more shareholding or voting rights in an existing
asset management company of the mutual fund may be allowed to hold 10% or more
shareholding or voting rights in a mutual fund lite asset management company
belonging to a group entity of the same sponsor.
(4) An existing mutual fund that intends to only launch mutual fund lite schemes may
surrender its existing registration and migrate as a mutual fund lite under this Chapter
subject to the conditions and the manner specified by the Board.
Trust deed to be registered under the Registration Act
83. A mutual fund lite shall be constituted in the form of a trust and the instrument of trust
shall be in the form of a deed, as specified by the Board, duly registered under the
provisions of the Registration Act, 1908 (16 of 1908), executed by the mutual fund lite
asset management company in favor of the trustees named in such an instrument:
Provided that in case of disassociation of the sponsor, the signatory to the trust deed
shall be as specified by the Board.
Appointment of trustee.
84. (1) Notwithstanding anything contained under regulation 7B of these regulations, a
debenture trustee may be appointed as a trustee of more than one mutual fund lite.
(2) The trustee of a mutual fund lite shall be an independent entity and not an
associate of the sponsor or manager of the concerned mutual fund lite asset
management company.
(3) No debenture trustee shall be eligible to be appointed as a trustee under this
Chapter unless it meets the criteria for a fit and proper person specified under the
Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.
Rights and obligations of the trustees.
85. (1) The trustees and the MF Lite asset management company shall enter into an
investment management agreement.
(2) The investment management agreement shall contain such clauses as may be
specified by the Board and such other clauses as are necessary for the purpose of
making investments.
(3) The trustees shall be accountable for, and be the custodian of, the funds and
property of the respective mutual fund lite schemes and shall hold the same in trust for
the benefit of the unitholders in accordance with this chapter and the provisions of
trust deed.
(4) The trustee shall have satisfactory wherewithal with respect to infrastructure,
personnel, systems etc. as may be required for the proper discharge of its duties under
these regulations.
(5) The trustee shall oversee activities of the mutual fund lite asset management
company in the interest of the unitholders and obtain periodic reports on its activities
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and status of compliance with applicable regulations in the manner as may be
specified by the Board.
(6) The trustees shall have the right to seek information from the mutual fund lite asset
management companies in accordance with the trust deed.
(7) Where the trustees have reason to believe that the conduct of the business of the
mutual fund lite is not in accordance with these regulations or detrimental to the
interest of the unitholders, they shall forthwith take such remedial steps, as are
necessary and shall immediately inform the Board of such conduct and the action
taken by them.
(8) The trustees shall periodically review the status of unit holders' complaints and the
redressal of the same by the mutual fund lite asset management company.
(9) The trustee shall provide consent in case of change in control of the mutual fund
lite asset management company.
(10) The trustees shall ensure that mutual fund lite asset management company has
not given any undue or unfair advantage to any associates or dealt with any of the
associates of the mutual fund lite asset management company in any manner
detrimental to interest of the unitholders.
(11) Each trustee shall file the details of his transactions of dealing in securities with
the Mutual Fund Lite within the time and manner as may be specified by the Board
from time to time.
(12) The trustees shall take steps to ensure that the transactions of the mutual fund lite
are in accordance with the provisions of the trust deed.
(13) The trustees shall obtain the consent of the unitholders—
(a) whenever required to do so by the Board in the interest of the unitholders; or
(b) whenever required to do so on the requisition made by three-fourths of the unit-
holders of any mutual fund lite scheme; or
(c) when the majority of the trustees decide to wind up a scheme in terms of clause
(a) of sub regulation (2) of regulation 39 or prematurely redeem the units of a
close ended scheme.
(14) The trustees shall call for the details of transactions in securities by the key
personnel of the mutual fund lite asset management company in his own name or on
behalf of the mutual fund lite asset management company and shall report to the
Board, as and when required.
(15) The trustees shall quarterly review all transactions carried out between the mutual
fund lite, mutual fund lite asset management company and its associates.
(16) The trustees shall ensure that there is no conflict of interest between the manner
of deployment of its networth by the mutual fund lite asset management company and
the interest of the unit- holders.
(17) The trustees shall abide by the Code of Conduct as specified in PART-A of the
Fifth Schedule.
(18) The trustees shall give their comments on the report received from the mutual
fund lite asset management company regarding the investments by the mutual fund
lite in the securities of group companies of the sponsor.
(19) The trustee shall ensure that the trust property is properly protected, held and
administered by proper persons and by a proper number of such persons.
(20) The trustees shall also exercise due diligence on such matters as may be specified
by the Board from time to time.
(21) Notwithstanding anything contained in sub-regulations (1) to (20), the trustees
shall not be held liable for acts done in good faith if they have exercised adequate due
diligence and acted as per the terms of the trust deed.
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART III-SEC.4]
Networth requirement for the mutual fund lite asset management company.
86. (1) The mutual fund lite asset management company shall have a networth of not less
than rupees thirty five crore deployed in assets as may be specified by the Board:
Provided that the mutual fund lite asset management company may bring down the
networth to rupees twenty five crore in case it has profits for five consecutive years.
(2) Where the sponsor does not fulfil the requirements provided in part (i) to (iv) of
the Explanation to clause (a) of regulation 81 of these regulations at the time of
making application, the mutual fund lite asset management company shall have a
networth of not less than rupees fifty crore deployed in assets as may be specified by
the Board:
Provided that the mutual fund lite asset management company may bring down the
networth to rupees twenty five crore in case it has profits for five consecutive years.
Explanation: Any loans and advances given by a mutual fund lite asset
management company to either sponsor, associates or group company of sponsor
and associates or group company of mutual fund lite asset management company
shall be excluded while computing the networth of the mutual fund lite asset
management company.
(3) The networth of the mutual fund lite asset management company as required under
sub-regulation (1) or (2) of this regulation shall be maintained on a continuous basis
and it shall be the responsibility of the sponsor to ensure the same.
(4) Notwithstanding anything contained in sub-regulations (1) to (3), if the total assets
under management of the mutual fund lite asset management company exceeds the
specified thresholds, the mutual fund lite asset management company shall abide by
the net worth requirements under Chapter IV of these Regulations.
Mutual fund lite asset management company and its obligations
87. (1) The directors of a mutual fund lite asset management company shall be appointed
by the sponsor and the sponsor shall exercise diligence while making such
appointments.
(2) The mutual fund lite asset management company shall take all reasonable steps
and exercise due diligence to ensure that the investment of funds pertaining to any
mutual fund lite scheme is not contrary to the provisions of these regulations and the
trust deed.
(3) The mutual fund lite asset management company shall obtain, wherever required
under these regulations, prior in-principle approval from the recognized stock
exchange(s) where units are proposed to be listed.
(4) The mutual fund lite asset management company shall be responsible for the acts
of commission or omission by its employees or the persons whose services have been
procured by the asset management company.
(5) Notwithstanding anything contained in any contract or agreement or termination,
the mutual fund lite asset management company or its directors or other officers shall
not be absolved of liability to the mutual fund lite for their acts of commission or
omission, while holding such position or office.
(6) The Chief Executive Officer (whatever be the designation) of the mutual fund lite
asset management company shall ensure that the mutual fund lite complies with all the
provisions of these regulations and the guidelines or circulars issued in relation thereto
from time to time and that the investments made by the fund managers are in the
interest of the unit holders and shall also be responsible for the overall risk
management function of the mutual fund lite.
(7) Chief Executive Officer (whatever be the designation) shall also ensure that the
mutual fund lite asset management company has adequate systems in place to ensure
that the Code of Conduct for Fund Managers and Dealers specified in PART - B of the
Fifth Schedule of these regulations are adhered to in letter and spirit. Any breach of
the said Code of Conduct shall be brought to the attention of the board of directors of
the mutual fund lite asset management company and trustees.
35
(8) The Fund Managers (whatever be the designation) shall abide by the Code of
Conduct for Fund Managers and Dealers specified in PART - B of the Fifth Schedule
of these regulations and submit a quarterly self-certification to the trustees that they
have complied with the said code of conduct or list exceptions, if any.
Explanation:- For the purposes of this sub-regulation, the phrase
"Fund Managers" shall include Chief Investment Officer (whatever be the
designation).
(9) The Dealers (whatever be the designation) shall abide by the Code of Conduct for
Fund Managers and Dealers specified in PART - B of the Fifth Schedule of these
regulations and submit a quarterly self-certification to the trustees that they have
complied with the said code of conduct or list exceptions, if any.
(10) The board of directors of the mutual fund lite asset management company shall
ensure that all the activities of the mutual fund lite asset management company are in
accordance with the provisions of these regulations.
(11) A mutual fund lite asset management company shall not:
(a) through any broker associated with the sponsor, purchase or sell securities,
which is average of 10 per cent or more of the aggregate purchases and sale
of securities made by the mutual fund lite in all its schemes:
Provided that for the purpose of this clause, the aggregate purchase and sale
of securities shall exclude sale and distribution of units issued by the mutual
fund lite and such other transactions as may be specified by the Board:
Provided further that the aforesaid limit of 10 per cent shall apply for a
block of any three months.
(b) purchase or sell securities through any broker other than a broker referred to
in clause (a) of sub-regulation (11) which is average of 25 per cent or more
of the aggregate purchases and sale of securities made by the mutual fund
lite in all its schemes, unless the mutual fund lite asset management
company has recorded in writing the justification for exceeding the limit of
25 per cent and reports of all such investments are sent to the trustees on a
quarterly basis:
Provided that for the purpose of this clause, the aggregate purchase and sale
of securities shall exclude such transactions as may be specified by the
Board:
Provided further that the aforesaid limit of 25 per cent shall apply for a
block of three months.
(12) In case the mutual fund lite asset management company enters into any securities
transactions with any of its associates a report to that effect shall be sent to the trustees
at its next meeting.
(13) In case any company has invested more than 5 per cent of the net asset value of a
scheme, the investment made by that scheme or by any other scheme of the same
mutual fund lite in that company or its subsidiaries shall be brought to the notice of
the trustees by the MF lite asset management company and be disclosed in the annual
accounts of the respective schemes with justification for such investment provided the
latter investment has been made within one year of the date of the former investment
calculated on either side.
(14) The mutual fund lite asset management company shall file with the trustees and
the Board-
(a)detailed bio-data of all its directors along with their interest in other
companies within fifteen days of their appointment;
(b)any change in the interests of directors every six months; and
(c)a quarterly report to the trustees giving details and adequate justification about
the purchase and sale of the securities of the group companies of the sponsor or
36
THE GAZETTE OF INDIA: EXTRAORDINARY
[PART III-SEC.4]
the mutual fund lite asset management company, as the case may be, by the
mutual fund lite during the said quarter.
(15) Each director of the mutual fund lite asset management company shall file the
details of his transactions of dealing in securities with the trustees on a quarterly basis
in accordance with guidelines issued by the Board.
(16) The mutual fund lite asset management company shall not appoint any person as
key personnel who has been found guilty of any economic offence or involved in
violation of securities laws.
(17) The mutual fund lite asset management company shall appoint registrars and
share transfer agents who are registered with the Board:
Provided if the work relating to the transfer of units is processed in-house, the charges
at competitive market rates may be debited to the scheme and for rates higher than the
competitive market rates, prior approval of the trustees shall be obtained and reasons
for charging higher rates shall be disclosed in the annual accounts.
(18) The mutual fund lite asset management company shall abide by the Code of
Conduct as specified in PART-A of the Fifth Schedule of these regulations.
(19) The mutual fund lite asset management company shall not carry out its operations
including trading desk, unit holder servicing and investment operations outside the
territory of India.
(20) The mutual fund lite asset management company shall compute and carry out
valuation of investments made by its scheme(s) in accordance with the investment
valuation norms specified in Eighth Schedule of these regulations, and shall publish
the same.
(21) The mutual fund lite asset management company shall be liable to compensate the affected investors and/or the scheme for any
unfair treatment to any investor as a result of inappropriate valuation.
(22) The board of directors of the mutual fund lite asset management company shall
exercise due diligence as follows:
(a) The board of directors of the mutual fund lite asset management company shall
ensure before the launch of any scheme that the mutual fund lite asset management
company has-
(i) systems in place for its back office, dealing room and accounting;
(ii) appointed all key personnel including fund manager(s) for the scheme(s)
and submitted their bio-data which shall contain the educational
qualifications and past experience in the securities market with the
trustees, within fifteen days of their appointment;
(iii) appointed auditors to audit its accounts;
(iv) appointed a compliance officer who shall be responsible for monitoring
the compliance of the Act, rules and regulations, notifications, guidelines,
instructions, etc., issued by the Board or the Central Government and for
redressal of investors grievances;
(v) appointed a registrar to an issue and share transfer agent registered under
the Securities and Exchange Board of India (Registrars to an Issue and
Share Transfer Agents) Regulations, 1993 and laid down parameters for
their supervision;
(vi) prepared a compliance manual and designed internal control mechanisms
including internal audit systems;
(vii) specified norms for empanelment of brokers and marketing agents;
(viii) obtained, wherever required under these regulations, prior in principle
approval from the recognized stock exchange(s) where units are proposed
to be listed.
37
(b) The board of directors of the mutual fund lite asset management company shall
ensure that -
(i) the mutual fund lite asset management company has been diligent in
empanelling the brokers, in monitoring securities transactions with
brokers and avoiding undue concentration of business with specific
brokers;
(ii) the mutual fund lite asset management company has not given any undue
or unfair advantage to any associate or dealt with any of the associate of
the mutual fund lite asset management company in any manner
detrimental to interest of the unit holders;
(iii) the transactions entered into by the mutual fund lite asset management
company are in accordance with these regulations and the respective
schemes;
(iv) the transactions of the mutual fund lite are in accordance with the
provisions of the trust deed;
(v) the mutual fund lite asset management company has been managing the
mutual fund schemes independently of other activities and have taken
adequate steps to ensure that the interest of investors of one scheme are
not being compromised with those of any other scheme or of other
activities of the mutual fund lite asset management company.
(vi) the networth of the mutual fund lite asset management company are
reviewed on a quarterly basis to ensure compliance with the threshold
provided in regulation 86 on a continuous basis;
(vii) all service contracts including custody arrangements of the assets and
transfer agency of the securities are executed in the interest of the unit
holders and test checks of service contracts are arranged.
(viii) there is no conflict of interest between the manner of deployment of the
networth of the mutual fund lite asset management company and the
interest of the unit holders;
(ix) the investor complaints received are periodically reviewed and redressed;
(x) all service providers are holding appropriate registrations from the Board
or with the concerned regulatory authority;
(xi) any special developments in the mutual fund lite are immediately
reported to the Board;
(xii) there has been exercise of due diligence on the reports submitted by the
mutual fund lite asset management company to the trustees;
(xiii) there has been exercise of due diligence on such matters as may be
specified by the Board from time to time.
(23) The board of directors of the mutual fund lite asset management company shall
review the desirability or continuance of the mutual fund lite asset management
company if substantial irregularities are observed in any of the schemes and shall not
allow the mutual fund lite asset management company to float new schemes.
(24) The Board of Directors of the mutual fund lite asset management company shall
be responsible for the overall risk management of the mutual fund lite asset
management company as well as the mutual fund lite schemes.
(25) The independent directors of the mutual fund lite asset management company
shall pay specific attention to the following, as may be applicable, namely:—
(i) the Investment Management Agreement and the compensation paid
under the agreement,
38
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART III-SEC.4]
(ii) service contracts with associates and whether the mutual fund lite
asset management company has charged higher fees than outside
contractors for the same services,
(iii) selections of the mutual fund lite asset management company's
independent directors,
(iv) securities transactions involving associates to the extent such
transactions are permitted,
(v) selecting and nominating individuals to fill independent directors'
vacancies,
(vi) code of ethics must be designed to prevent fraudulent, deceptive or
manipulative practices by insiders in connection with personal
securities transactions,
(vii) the reasonableness of fees paid to sponsors, mutual fund lite asset
management company and any others for services provided,
(viii) principal underwriting contracts and their renewals,
(ix) any service contract with the associates of the mutual fund lite asset
management company.
(26) The compliance officer appointed under sub-clause (iv) of clause (a) of sub-
regulation (22) shall independently and immediately report to the Board any non-
compliance observed by him.
(27) The mutual fund lite asset management company shall constitute a Unit Holder
Protection Committee in the form and manner and with a mandate as may be
specified by the Board.
(28) The mutual fund lite asset management company shall be responsible for
calculation of any income due to be paid to the mutual fund lite and also any income
received in the mutual fund lite, for the unit holders of any scheme of the mutual
fund lite, in accordance with these regulations and the trust deed.
(29) The mutual fund lite asset management company shall ensure that no change in
the fundamental attributes of any scheme or the trust, fees and expenses payable or
any other change which would modify the scheme and affect the interest of unit
holders, shall be carried out unless, -
(i) a written communication about the proposed change is sent to each unit
holder and an advertisement is issued in one English daily newspaper having
nationwide circulation as well as in a newspaper published in the language
of region where the Head Office of the mutual fund is situated; and
(ii) the unit holders are given an option to exit at the prevailing Net Asset Value
without any exit load.
(30) The MF Lite asset management company shall put in place an institutional
mechanism, as may be specified by the Board, for the identification and deterrence
of potential market abuse including front-running and fraudulent transactions in
securities.
(31) The Chief Executive Officer or Managing Director or such other person of
equivalent or analogous rank and Chief Compliance Officer of the mutual fund lite
asset management company shall be responsible and accountable for implementation
of such an institutional mechanism for deterrence of potential market abuse,
including front-running and fraudulent transactions in securities.
(32) The mutual fund lite asset management company shall establish, implement and
maintain a documented whistle blower policy that shall
(a) provide for a confidential channel for employees, directors, trustees, and
other stakeholders to raise concerns about suspected fraudulent, unfair or
unethical practices, violations of regulatory or legal requirements or
governance vulnerability, and
(b) establish procedures to ensure adequate protection of the whistle blowers.
39
(33) The board of directors of the mutual fund lite asset management company,
including any of their committees, shall meet at such frequency as may be specified
by the Board from time to time.
(34) The board of directors of mutual fund lite asset management company shall
furnish to the Board on a yearly basis,
(a) a report on the activities of the mutual fund lite;
(b) a certificate stating that the board of directors of mutual fund lite
asset management company have satisfied themselves that there have
been no instances of self-dealing or front running by any of the
trustees, directors and key personnel of the mutual fund lite asset
management company;
(c) a certificate to the effect that the mutual fund lite asset management
company has been managing the schemes independently of any other
activities and in case any activities of the nature referred to in clause
(b) of regulation 88 have been undertaken by the mutual fund lite asset
management company, it has taken adequate steps to ensure that the
interests of the unitholders are protected.
Restrictions on business activities of the mutual fund lite asset management company.
88. The mutual fund lite asset management company shall, -
(a) not act as a trustee of any mutual fund lite;
(b) not undertake any business activities other than in the nature of advisory services
to pooled assets only in respect of passive investments:
Provided that the asset management company may itself or through its
subsidiaries undertake such activities, as permitted under clause (b), if, -
(i) it ensures that there is no material conflict of interest across different
activities;
(ii) the absence of conflict of interest shall be disclosed to the trustees and unit
holders in scheme information document and statement of
additional information.
(iii) there are unavoidable conflict of interest situations, it shall satisfy itself that
disclosures are made of source of conflict, potential 'material risk or
damage' to investor interests and detailed parameters for the same;
(iv) it ensures independence to key personnel handling the relevant conflict
of interest is provided through removal of direct link between remuneration
to relevant asset management company personnel and
generated by that activity:
Procedure for launching of mutual fund lite schemes
revenues
89. (1) No mutual fund lite scheme shall be launched by the mutual fund lite asset
management company unless such mutual fund lite scheme is approved by the board
of directors of the mutual fund lite asset management company and a copy of the offer
document has been filed with the Board."
VII. In the Fourth Schedule the 'FORM FOR NOMINATION/CANCELLATION OF
NOMINATION' shall be omitted.
PRAMOD RAO, Executive Director
[ADVT.-III/4/Exty./764/2024-25]
Footnote:
1. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the
Principal Regulations, were published in the Gazette of India on
December 9, 1996 vide
S.O. No. 856 (Ε).
2. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 were
subsequently amended-
40
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART III-SEC.4]
(1) On April 15, 1997 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 1997 vide S.O. No.327 (E).
(2) On January 12, 1998 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 1998 vide S.O. No.32 (Ε).
(3) On December 8, 1999 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 1999 vide S.O. No.1223 (Ε).
(4) On March 14, 2000 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2000 vide S.O. No.235 (Ε).
(5) On March 28, 2000 by the Securities and Exchange Board of India (Appeal to the
Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide S.O. No.278 (E).
(6) On May 22, 2000 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2000 vide S.O. No.484 (Ε).
(7) On January 23, 2001 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2001 vide S.O. No.69 (Ε).
(8) On May 29, 2001 by the Securities and Exchange Board of India (Investment Advice
by Intermediaries) (Amendment) Regulations, 2001 vide S.O. No.476 (E).
(9) On July 23, 2001 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2001 vide S.O. No.698 (Ε).
(10) On February 20, 2002 by the Securities and Exchange Board of India (Mutual
Funds)(Amendment) Regulations, 2002 vide S.O. No.219 (E).
(11) On June 11, 2002 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2002 vide S.O. No.625 (Ε).
(12) On July 30, 2002 by the Securities and Exchange Board of India (Mutual Funds)
(Third Amendment) Regulations, 2002 vide S.O. No.809 (E).
(13) On September 9, 2002 by the Securities and Exchange Board of India (Mutual Funds)
(Fourth Amendment) Regulations, 2002 vide S.O. No.956 (Ε).
(14) On September 27, 2002 by the Securities and Exchange Board of India (Procedure for
Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide
S.O. No.1045 (Ε).
(15) On May 29, 2003 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2003 vide S.O. No. 632 (E).
(16) On January 12, 2004 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2004 vide F.No. SEBI/LAD/DOP/4/2004.
(17) On March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit
and Proper Person) Regulations, 2004 vide S.O. No. 398 (E).
(18) On January 12, 2006 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2006 vide S.O. No. 38 (E).
(19) On May 22, 2006 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2006 vide S.O. No. 783 (Ε).
(20) On August 3, 2006 by the Securities and Exchange Board of India (Mutual Funds)
(Third Amendment) Regulations, 2006 vide S.O. No. 1254 (E).
(21) On December 27, 2006 by the Securities and Exchange Board of India (Mutual
Funds) (Fourth Amendment) Regulations, 2006 vide F. No.
SEBI/LAD/DOP/82534/2006.
(22) On December 27, 2006 by the Securities and Exchange Board of India (Mutual
Funds) (Fifth Amendment) Regulations, 2006 vide F. No. SEBI/LAD/
DOP/83065/2006.
(23) On May 28, 2007 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2007 vide F. No. 11/LC/GN/2007/2518.
(24) On October 31, 2007 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2007 vide F. No. 11/LC/GN/2007/4646.
(25) On March 31, 2008 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2008 vide F. No. 11/LC/GN/2008/21669.
(26) On April 16, 2008 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2008 vide F. No. LADNRO/ GN/2008/03/123042.
41
(27) On May 22, 2008 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2008 vide no. LADNRO/GN/2008/09/126202.
(28) On September 29, 2008 by the Securities and Exchange Board of India (Mutual
Funds) (Third Amendment) Regulations, 2008 vide No. LADNRO/
GN/2008/24/139426.
(29) On April 8, 2009 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2009 vide No. LAD-NRO/GN/2009-10/01/159601.
(30) On June 5, 2009 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2009 vide No. LAD- NRO/GN/2009-
10/07/165404.
(31) On July 29, 2010 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2010 vide No. LAD-NRO/GN/2010-11/13/13945.
(32) On August 30, 2011 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2011 vide No. LAD-NRO/GN/2011-12/27668.
(33) On February 21, 2012 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2011-12/38/4290.
(34) On September 26, 2012 by the Securities and Exchange Board of India (Mutual
Funds) (Second Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2012-
13/17/21502.
(35) On April 16, 2013 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/03/5652.
(36) On June 19, 2013 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/12/6108.
(37) On August 19, 2013 by the Securities and Exchange Board of India (Mutual Funds)
(Third Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/18/6384.
(38) On May 6, 2014 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/01/1039.
(39) On May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089.
(40) On December 30, 2014 by the Securities and Exchange Board of India (Mutual
Funds) (Second Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-
15/19/1973.
(41) On May 15, 2015 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2015 No. NROOIAE/GN/2015-16/005.
(42) On February 12, 2016 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2015-16/034.
(43) On February 15, 2017 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/031.
(44) On March 13, 2018 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/02.
(45) On May 30, 2018 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/14.
(46) On December 6, 2018 by the Securities and Exchange Board of India (Mutual Funds)
(Third Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/50.
(47) On December 13, 2018 by the Securities and Exchange Board of India (Mutual
Funds) (Fourth Amendment) Regulations, 2018 vide No. SEBI/LAD-
NRO/GN/2018/51.
(48) On January 1, 2019 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2019/01.
(49) On April 26, 2019 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/011.
(50) On September 23, 2019 by the Securities and Exchange Board of India (Mutual
Funds) (Second Amendment) Regulations, 2019 vide No.
SEBI/LAD-
NRO/GN/2019/37.
(51) On March 6, 2020 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/07.
42
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART III-SEC.4]
(52) On April 17, 2020 by the Securities and Exchange Board of India (Regulatory
Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(53) On October 29, 2020 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/39.
(54) On February 4, 2021 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/08.
(55) On August 3, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021
vide No. SEBI/LAD-NRO/GN/2021/30.
(56) On August 5, 2021 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/36.
(57) On November 9, 2021 by the Securities and Exchange Board of India (Mutual Funds)
(Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/56.
(58) On January 25, 2022 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/70.
(59) On August 3, 2022 by the Securities and Exchange Board of India (Mutual
Funds) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-
NRO/GN/2022/92.
(60) On November 16, 2022 by the Securities and Exchange Board of India (Mutual
Funds) (Third Amendment) Regulations, 2022 vide No. SEBI/LAD-
NRO/GN/2022/106.
(61) On February 7, 2023, by the Securities and Exchange Board of India (Payment of
Fees and Mode of Payment) (Amendment) Regulations, 2023 vide No. SEBI/LAD-
NRO/GN/2023/121.
(62) On June 27, 2023 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/134.
(63) On July 3, 2023, by the Securities and Exchange Board of India (Alternative Dispute
Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-
NRO/GN/2023/137.
(64) On August 17, 2023, by the Securities and Exchange Board of India (Facilitation of
Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide No.
SEBI/LAD-NRO/GN/2023/146.
(65) On July 2, 2024 by the Securities and Exchange Board of India (Mutual Funds)
(Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/188.
(66) On August 2, 2024 by the Securities and Exchange Board of India (Mutual Funds)
(Second Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/197.
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