TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Mutual Funds) ( Amendment) Regulations, 2021
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...., i. in sub-clause (i) of clause (c), after the word "trustee" and before the words and symbol ", as the case", the words "or the sponsor" shall be inserted. ii. in sub-clause (ii) of clause (c), after the word "trustee" and before the words and symbol ", directly or indirectly", the words "or the sponsor" shall be inserted. iii. in sub-clause (iii) of clause (c), after the words "whose director" and before the words and symbol ", officer or employee", the words "except an independent director" shall be inserted. iv. clause (d) shall be substituted with the following clause, namely, - "(d)"asset management company" means a company formed and registered under the Companies Act 1956 (1 of 1956) or Companies Act, 2013 (18 of 2013) and approved by the Board under sub regulation (2) of regulation 21;" v. in clause (e), the words and symbol "(Stock Brokers and Sub-brokers) Rules, 1992" shall be substituted with the words and symbol "(Stock Brokers) Regulations, 1992". vi. in clause (ea), the word "endeavour's" shall be substituted with the word "endeavours". vii. in sub-clause (i) of clause (g), the words "or combina....
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....intangible assets and accumulated losses;" xv. clause (t) shall be substituted with the following clause, namely, "(t)"relative" means a person as defined in section 2(77) of the Companies Act, 2013 (18 of 2013);" xvi. clause (w) shall be substituted with the following clause, namely, - "(w)"securities laws" means the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the Depositories Act, 1996 (22 of 1996), the provision of any other law to the extent it is administered by the Board and the relevant rules and regulations made thereunder;" xvii. in clause (x), the words "acting alone or in combination" shall be substituted with the words "acting individually or in concert". xviii. in clause (y), the following explanation shall be inserted, namely, - "Explanation: In the event the trusteeship of the mutual fund is with a trustee company, wherever the context requires applicability of provisions for individual trustees, the term "trustees" under these regulations shall be deemed to mean the directors of board of the trustee company." xix. after sub-regulation (1), the following shall be in....
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....regulation (27) of regulation 18, in clauses (ii) and (iv), the word "affiliates" shall be substituted with the word "associates". V. In sub-regulation (1) of regulation 21, i. clause (f) shall be substituted with the following, namely, - "(f) the asset management company has a networth of not less than rupees fifty crore: Provided that where the sponsor does not fulfil the requirements provided in part (iv) of the Explanation to clause (a) of regulation 7 at the time of making application, the asset management company shall be required to have a networth of not less than rupees one hundred crore and the asset management company shall maintain such networth till it has profits for five consecutive years: Provided further that an asset management company of a mutual fund eligible to launch only infrastructure debt fund schemes, shall have a networth of not less than rupees ten crore. Explanation: Loans and advances given by asset management company to either sponsor, associates or group company of sponsor and associates or group company of asset management company shall be excluded while computing the networth of the asset manage....
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.... possible but not later than five working days from the date of closure of the initial subscription list or from the date of receipt of the application." ii. sub-regulation (2) shall be omitted. iii. sub-regulation (3) shall be substituted with the following, namely, - "(3) The asset management company shall issue units in dematerialized form to a unit holder in a scheme within two working days of the receipt of request from the unit holder." iv. in sub-regulation (4) and first proviso to sub-regulation (4), the words "on or before tenth day of succeeding month" shall be substituted with the words "as per the timeline specified by the Board from time to time". XVII. In the proviso to sub-regulation (2) of regulation 37, the words and the number "the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996" shall be substituted with words and the number "the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018". XVIII. In sub-regulation (1) of regulation 43, i. in clauses (e) and (f) the word "or" shall be omitted. ii. in clause (g), the symbol ....
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....) Regulations 2003". XXV. After clause 8 in Form A of the First Schedule, the following clause shall be inserted, namely,- "8A. Latest networth certificate from the statutory auditor" XXVI. In clause 15 of the Third Schedule, the word "not" shall be substituted with the words "which is". XXVII. In clause 17 of the Third Schedule, i. in the proviso, the word "however" shall be omitted and the symbol "." shall be substituted with the symbol ":" ii. after the existingproviso, the following shall be inserted, namely, - "Provided further that the provisions of this clause shall not be applicable in case of change in trust deed consequential to change in control of asset management company as per Regulation 22 (e)." XXVIII. In clause (ii) of the Fourth Schedule, the words and symbol "sub-regulation (2)" shall be substituted with the words and symbol "clause (b)". XXIX. In the Fifth Schedule, i. in clause (3), the word "affiliates" shall be substituted with the word "associates". ii. clause (5) shall be substituted with the following clause, namely, - "(5) Truste....
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....E). (5) on March 28, 2000 by the Securities and Exchange Board of India (Appeal to the Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide S.O. No.278 (E). (6) on May 22, 2000 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2000 vide S.O. No.484 (E). (7) on January 23, 2001 by the Securities and Exchange Board of India (Mutual Funds)(Amendment) Regulations, 2001 vide S.O. No.69 (E). (8) on May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O. No.476 (E). (9) on July 23, 2001 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2001 vide S.O. No.698 (E). (10) on February 20, 2002 by the Securities and Exchange Board of India (Mutual Funds)(Amendment) Regulations, 2002 vide S.O. No.219 (E). (11) on June 11, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2002 vide S.O. No.625 (E). (12) on July 30, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regul....
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.... No. LADNRO/GN/2008/09/126202. (28) on September 29, 2008 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2008 vide No. LADNRO/ GN/2008/24/139426. (29) on April 8, 2009 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009 vide No. LAD-NRO/GN/2009-10/01/159601. (30) on June 5, 2009 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2009 vide No. LAD- NRO/GN/2009-10/07/165404. (31) on July 29, 2010 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2010 vide No. LAD-NRO/GN/2010-11/13/13945. (32) on August 30, 2011 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2011 vide No. LAD-NRO/GN/2011-12/27668. (33) on February 21, 2012 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2011-12/38/4290. (34) on 26th September, 2012 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2012-13/17/21502. (35) o....