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of <h1>New Regulations for Asset Management Companies: Eligibility, Experience, and Financial Standards Under SEBI Mutual Funds 1996 Rules</h1> The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, outlines the eligibility criteria for appointing an asset management company. The applicant must demonstrate a sound track record, reputation, and fairness in transactions. Directors should have adequate professional experience and no history of moral turpitude or economic offenses. Key personnel must meet similar standards and not have worked with any suspended or canceled entities. The board must have at least 50% independent directors, and the chairman cannot be a mutual fund trustee. The company must maintain a net worth of at least fifty crore rupees, with specific conditions for infrastructure debt fund schemes. The sponsor is responsible for ensuring continuous net worth compliance.
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