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Hii sir, I Wants to get the Information About the SEBI (MUTUAL FUNDS) REGULATIONS, 1996 ?

[Vishal Kotkar]

As you Asking for the Information About the SEBI (MUTUAL FUNDS) REGULATIONS, 1996 the Information is given below

S.O. 856 (E).- In exercise of the powers conferred by section 30, read with clause (c) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations :—

CHAPTER I
PRELIMINARY
Short title, application and commencement.

(1) These regulations may be called the Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996.
(2) They shall come into force on the date of their publication in the Official Gazette.
Definitions.
2. In these regulations, unless the context otherwise requires:—
(a) ―Act‖ means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(b)
1
[―advertisement‖ shall include all forms of communication issued by or on behalf
of the asset management company/mutual fund that may influence investment
decisions of any investor/prospective investors;]

(c) ―associate‖ includes a person,—
(i) who directly or indirectly, by himself, or in combination with
relatives, exercises control over the asset management company or the trustee,
as the case may be, or
(ii) in respect of whom the asset management company or the trustee, directly or
indirectly, by itself, or in combination with other persons exercises a control, or
(iii) whose director, officer or employee is a director, officer or employee of the
asset management company;
(d) ―asset management company‖ means a company formed and registered under the
Companies Act, 1956 (1 of 1956) and approved as such by the Board under sub
regulation (2) of regulation 21;
(e) ―broker‖ means a stock broker as defined in Securities and Exchange Board of India
(Stock Brokers and Sub-brokers) Rules, 1992;
2
[(ea) ―capital protection oriented scheme‖ means a mutual fund scheme which is
designated as such and, which endeavour‘s to protect the capital invested therein
through suitable orientation of its portfolio structure;]
(f) ―close-ended scheme‖ means any scheme of a mutual fund in which the period of
maturity of the scheme is specified;

REGISTRATION OF MUTUAL FUND


Application for registration
3. An application for registration of a mutual fund shall be made to the Board in Form A
by the sponsor.
Application fee to accompany the application
4. Every application for registration under regulation 3 shall be accompanied by non
refundable application fee as specified in the Second Schedule.

Furnishing information
6. The Board may require the sponsor to furnish such further information or clarification
as may be required by it.
Eligibility criteria
7. For the purpose of grant of a certificate of registration, the applicant has to fulfill the
following, namely—
(a) the sponsor should have a sound track record and general reputation of fairness and
integrity in all his business transactions.
Explanation: For the purposes of this clause ―sound track record‖ shall mean the
sponsor should—
(i) be carrying on business in financial services for a period of not less than five
years; and
(ii) the networth is positive in all the immediately preceding five years; and
(iii) the networth in the immediately preceding year is more than the capital
contribution of the sponsor in the asset management company; and
(iv) the sponsor has profits after providing for depreciation, interest and tax in three
out of the immediately preceding five years, including the fifth year;




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