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Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBIExtract ..... ents to clause (i) of sub-regulation (VII) of Regulation 3 shall come into force with effect from January 1, 2024. 3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 , I. in regulation 2 , sub-regulation (1), i. after clause (n), the following clause shall be inserted, namely,- (na) Liquid networth means the networth deployed in liquid assets which are unencumbered and shall include cash, money market instruments, Government Securities, Treasury bills, Repo on Government securities and any other like instruments as specified by the Board from time to time. ii. clause (qa) shall be renumbered as clause (qb) and before the clause so renumbered, the following clause shall be inserted, namely,- (qa) NAV or Net Asset Value shall mean the value computed in the manner provided in sub-regulation (1) of regulation 48 of these regulations; iii. in clause (y), the words and symbols trustees mean the Board of Trustees or the Trustee Company who hold the property of the Mutual Fund in trust for the benefit of the unit holders; shall be substituted with the words and symbols trustees mean the trustee company that holds the property of the mutual fund in trust for t ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... shall have minimum positive liquid net worth equal to incremental capitalization required to ensure minimum capitalization of the 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; and (v) ensure that in case of acquisition of stake in an existing asset management company, the shareholding equivalent to at least rupees one hundred fifty crore shall be locked in for five years; and (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 subject to such other conditions as may be specified by the Board from time to time. III. After regulation 7B , the following regulation shall be inserted, namely,- 7C (1) The sponsor may be permitted to disassociate from the asset management company and the mutual fund subject to such conditions as may be specified by the Board. (2) In the event of the sponsor disassociat ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... nsure that no change in the fundamental attributes of any scheme, the fees and expenses payable or any other change which would modify the scheme and affect the interest of the unit holders is carried out by the asset management company, unless it complies with sub-regulation (26) of regulation 25 of these regulations. ; vi. sub-regulation (19) shall be substituted with the following, namely,- (19) The trustees shall periodically review the service contracts relating to custody arrangements and satisfy themselves that such contracts are executed in the interest of the unit holders. ; vii. in sub-regulation (25), after clause B, the following clause shall be inserted, namely,- C. The trustees shall also exercise due diligence on such matters as may be specified by the Board from time to time. VII. in regulation 21 , in sub-regulation (1), (i) clause (f) shall be substituted with the following clause, namely,- (f) the asset management company has a networth of not less than rupees fifty crore deployed in assets as may be specified by the Board: Provided that where the sponsor does not fulfil the requirements provided in part (i) to (v) of the Explanation to clause (a) of regulation 7 ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... strar 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. (b) The board of directors of the asset management company shall ensure that - (i) the 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 asset management company has not given any undue or unfair advantage to any associate or dealt with any of the associate of the asset management company in any manner detrimental to interest of the unit holders; (iii) the transactions entered into by the asset management company are in accordance with these regulations and the respective schemes; ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... e prevailing Net Asset Value without any exit load. IX. After regulation 25 , the following regulation shall be inserted, namely,- Meeting of the board of directors of the trustee company and the board of directors of the asset management company. 25A. The board of directors of the trustee company and the board of directors of the asset management company, including any of their committees, shall meet at such frequency as may be specified by the Board from time to time. X. Regulation 31A shall be substituted with the following, namely,- In-principle approval from recognised stock exchange(s). 31A. For listing of units of any scheme of a mutual fund on the recognised stock exchange(s), the asset management company of that mutual fund shall take all necessary steps and obtain the in principle approval from the recognised stock exchange(s) in the manner as specified by such exchange(s) from time to time. XI. In regulation 31B , sub-regulation (1) shall be substituted with the following, namely,- (1) Before listing of units of any scheme of mutual fund on the recognised stock exchange(s), the asset management company of that mutual fund shall execute an agreement with such exchange(s). ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... chedule , in clause 9, after sub-clause (c), the following proviso shall be inserted, namely,- Provided that for the private equity fund or a pooled investment vehicle or a pooled investment fund acting as sponsor of mutual funds, the associate or group company shall also include,- a. associate or group company of the manager of any pooled investment vehicle; or b. investee companies in which the shareholding of ten percent or more is held by the schemes or funds managed by manager of the pooled investment vehicle; or c. any investee company in which the pooled investment vehicle holds more than ten percent shareholding or where the directors of the pooled investment vehicle or corporate sponsor has representation on the board or right to nominate representatives on the board . XXV. In the Eighth Schedule , in clause (g), in the proviso, the words Board of Trustees and the Board shall be substituted with the words the board of directors of the trustee company and the board of directors . XXVI. In the Eleventh Schedule ,- i. in clause 1, in sub-clause (i) and sub-clause (iv), the words Board of Trustees shall be substituted with the words trustee company ; ii. in clause 5, in sub-cl ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... 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 (E). (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 (E). (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 ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x ..... endment) 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 Fu ..... x x x x x Extracts x x x x x Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI x x x x x Extracts x x x x x
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