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of <h1>Asset management firms must keep eight-year records per Regulation 50 of SEBI Mutual Funds Rules, 1996 for transparency.</h1> Regulation 50 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 mandates that asset management companies maintain accurate books of account, records, and documents for each scheme to reflect its financial position. These records must be kept for eight years and prepared according to Indian Accounting Standards (IND AS), unless there is a conflict with SEBI regulations. Companies must follow specified accounting policies to detail the scheme-wise asset disposition and performance, ensuring transparency in income distribution or accumulation for unitholders.
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