Recordkeeping obligations require asset management companies to maintain scheme-wise books under IND AS and specified accounting policies. Regulation 50 requires asset management companies to keep and maintain proper books of account and records for each scheme to explain transactions, disclose the financial position and give a true and fair view, and to intimate the Board of the place of maintenance. Financial statements must be prepared in accordance with Indian Accounting Standards (IND AS) subject to a rule that regulatory requirements prevail in any conflict, and accounting policies specified in the Ninth Schedule and by the Board must be followed to provide scheme-wise asset disposition and performance disclosure.