TMI BlogEligibility criteriaX X X X Extracts X X X X X X X X Extracts X X X X ..... that the positive liquid networth is more than the proposed capital contribution of the sponsor in the 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 iv. have net profit after providing for depreciation, interest and tax in each of the immediately preceding five years; and v. have average net annual profit after depreciation, interest and tax during the immediately preceding five years of at least rupees ten crore: Provided that if the requiremen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 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. ] 1 [(aa) the applicant is a fit and proper person;] (b) 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; (c) the sponsor has contributed or contributes at least 40% to the net worth of the asset management company: Provided that any person who holds 40% or more of the net worth of an asset management company shall be deemed to be a sponsor and will be required to fulfill the eligibility criteria spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trustees. [*Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.] 3. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/011 dated 26-04-2019 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as (iii) the networth in the immediately preceding year is more than the capital contribution of the sponsor in the asset management company; and 6. Substituted vide Notification No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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