SEBI is changing mutual fund rules. Check what the new regulations say

New Delhi: Market regulator Securities and Exchange Board of India (SEBI) has amended mutual fund rules to remove the applicability of the definition of “associate” to sponsors who invest in various companies on behalf of beneficiaries of mutual fund policies. insurance. According to an official notification published by SEBI, the new rules will come into effect from September 3. The regulator’s board approved the proposal last month.Read also – SEBI Grade A recruitment 2022: register for 24 positions until July 31 | Check salary scale, notification here

“The definition of associate does not apply to such sponsors, who invest in various companies on behalf of beneficiaries of insurance policies or such other schemes,” the regulator said. Also Read – SEBI Grade A Recruitment 2022: Apply for 24 Deputy Director Positions by July 31 | Check salary, other details here

According to the rules, associate includes a person who, directly or indirectly, by himself or in combination with relatives, exercises control over the asset management company (AMC) or the trustee, among others. Also Read – Buy Cheap Gold From June 20, 1 Gram of Gold for 5,041 Rupees; Gold Sovereign Bond Program | All details inside

At present, there are 43 mutual fund companies, which together manage assets worth nearly Rs 38 lakh crore.

(With PTI inputs)

Dolores W. Simon