TMI BlogRole of Chief Executive Officers & Fund Managers and Fund of FundsX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sirs, We are enclosing a copy of the gazette notification no. S.O 632(E) dated May 29, 2003 pertaining to SEBI (Mutual Funds)(Amendment) Regulations, 2003 for your information and implementation. 1. Role of Chief Executive Officers and Fund Managers The amended Regulations define the roles of Chief Executive Officers and Fund Managers of mutual funds with a view t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P.K. NAGPAL THE GAZETTE OF INDIA EXTRAORDINARY PART II SECTION 3 SUB SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 29th May, 2003 SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (AMENDMENT) RE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eans a mutual fund scheme that invests primarily in other schemes of the same mutual fund or other mutual funds. (ii) In regulation 25, the following sub-regulations shall be inserted after sub-regulation (6), namely:- (6A). The Chief Executive Officer (whatever his designation may be) of the asset management company shall ensure that the mutual fund complies with all the provisions of these r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mely:- Provided further that in case of a fund of funds scheme, the total expenses of the scheme including the management fees shall not exceed 0.75% of the daily or weekly average net assets, depending upon whether the NAV of the scheme is calculated on daily or weekly basis. (iv) in the Seventh Schedule, (a) in clause 4, the following proviso shall be inserted, namely:- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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