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Maintenance of Current Accounts in multiple banks by Mutual Funds - SEBI - SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/610

Extract

..... CIRCULAR SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/610 August 4, 2021 All Mutual Funds (MFs)/ Asset Management Companies (AMCs)/ Trustee Companies/ Board of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir / Madam, Subject: Maintenance of Current Accounts in multiple banks by Mutual Funds 1. Mutual funds currently maintain current accounts in multiple banks including in banks having presence beyond the top 30 cities (“B-30 cities”), for receiving subscription amount .....

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Maintenance of Current Accounts in multiple banks by Mutual Funds - SEBI

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..... requested SEBI to issue instructions for mutual funds in respect of maintenance of current accounts in multiple banks. 4. Based on the request of mutual fund industry, it is clarified that mutual funds should maintain current accounts in an appropriate number of banks for the purpose of receiving subscription amount and for payment of redemption / dividend / brokerage / commission etc. to facilitate financial inclusion, convenience of investors and ease of doing business. 5. This circular is iss .....

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Maintenance of Current Accounts in multiple banks by Mutual Funds - SEBI

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