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<h1>SEBI Amends Collective Investment Schemes Regulations: New Rules on Shareholding, Auditors, and Expense Limits Effective May 2022.</h1> The Securities and Exchange Board of India (SEBI) has amended the Collective Investment Schemes Regulations, 1999, effective from May 10, 2022. Key amendments include redefining 'auditor' and introducing 'designated employees' for collective investment management companies. Changes in shareholding and voting rights restrictions prevent entities from holding significant stakes across multiple companies. The amendments also impose conditions on subscription lists, investment limits, and offer periods. Expense ceilings for initial and recurring costs are set, prohibiting incentive fees. The regulations aim to enhance transparency and accountability in collective investment schemes, ensuring compliance with updated financial and operational standards.