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of <h1>Mutual Funds Liable for Defaults: Regulation 68 Enforces Accountability for Misconduct and Regulatory Violations.</h1> Regulation 68 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 outlines the liabilities of a mutual fund in cases of default. A mutual fund is accountable if it contravenes regulatory provisions, provides incorrect information, fails to submit required returns, does not cooperate with inquiries, disobeys Board directions, neglects investor complaints, engages in unfair trade practices, or conducts itself unprofessionally. Additionally, failure to maintain required net worth, pay fees, adhere to registration conditions, or fulfill obligations may result in actions as per Chapter V of the SEBI (Intermediaries) Regulations, 2008.
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