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of <h1>SEBI Circular: Mutual Funds Must Personally Oversee Distributor Due Diligence, Enforce Separate Fund Managers for Unique Portfolios.</h1> The circular issued by SEBI addresses mutual funds and asset management companies (AMCs) regarding distributor due diligence and conflict of interest in fund management. It clarifies that due diligence of distributors is the sole responsibility of mutual funds/AMCs and cannot be delegated, though assistance from reputable agencies is allowed. Amendments to Regulation 24 of the SEBI (Mutual Funds) Regulations, 1996, require separate fund managers for different funds unless portfolios are replicated. A minimum 70% portfolio replication is deemed adequate, with AMCs required to disclose fund manager performance and report significant return discrepancies. The circular aims to protect investors and regulate the securities market.
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