Eligibility criteria for appointment of asset management company

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....gement company; ^1[(aa) the asset management company is a fit and proper person;] (b) the directors of the asset management company are persons having adequate professional experience in finance and financial services related field and not found guilty of moral turpitude or convicted of any economic offence or violation of any securities laws; (c) the key personnel of the asset management company ^2[have not been found guilty of moral turpitude or convicted of economic offence or violation of securities laws] ^3[or worked] for any asset management company or mutual fund or any intermediary ^4[during the period when its] registration has been suspended or cancelled at any time by the Board; (d) the board o....

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.... continuous basis and it shall be the responsibility of the sponsor to ensure the same.] (2) The Board may, after considering an application with reference to the matters specified in sub-regulation (1), grant approval to the asset management company.   ************** NOTES:- 1 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998. 2 Inserted ibid.. 3 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998, for the words, "has not been working". 4 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998, for the words, "whose". 5 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2014, w.e.f.....

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.... Amendment) Regulations, 2014, w.e.f. 30-12-2014 15 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1999, w.e.f 08-12-1999 16. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as "(f) the asset management company has a networth of not less than rupees ^5[fifty crore]: Provided that an asset management company already granted approval under the provisions of Securities and Exchange Board of India (Mutual Funds) Regulations, ^6[1996] shall within a period of ^7[three years] from the date of notification of ^8[Securities and Exchange Board of India (Mutual Funds) (Amendmen....