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of <h1>SEBI Amends Mutual Funds Regulations to Improve Transparency and Governance; Key Updates on Investments and Management Practices.</h1> The Securities and Exchange Board of India (SEBI) issued amendments to the Mutual Funds Regulations, 1996, effective upon publication in the Official Gazette on January 12, 1998. Key changes include defining 'group' as per the Monopolies and Restrictive Trade Practices Act, 1969, requiring applicants and asset management companies to be 'fit and proper', mandating two-thirds of trustees to be independent, and revising investment and reporting requirements. The amendments also address the management of mutual funds, including restrictions on investments in group companies, disclosure obligations, and procedural adjustments for mutual fund operations. These regulations aim to enhance transparency, accountability, and governance in mutual fund management.
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