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of <h1>SEBI Amends Mutual Fund Regulations: Trustees to Meet Bi-Monthly; NAV Errors Trigger Investor Compensation.</h1> The Securities and Exchange Board of India (SEBI) released a notification on July 30, 2002, amending the Mutual Funds Regulations, 1996. The amendments require mutual fund trustees to hold meetings at least once every two months, totaling a minimum of six meetings annually. Additionally, if a scheme's Net Asset Value (NAV) varies by more than 1% due to transaction recording errors, investors must be compensated. If investors pay more than the NAV or receive less at sale, the scheme compensates them. Conversely, if investors pay less or receive more, the asset management company compensates the scheme, possibly recovering the difference from investors.
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