Eligibility Criteria

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....reputation of fairness and integrity in all business transactions. Explanation: For the purposes of this clause "sound track record" shall mean the sponsor should, - (i) ensure that the networth is positive in all the immediately preceding five years; and (ii) ensure that the positive liquid networth is more than the proposed capital contribution of the sponsor in the MF Lite asset mana....

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....ement company such that the net worth of the said asset management company is not less than rupees seventy five crore; and (ii) ensure that the initial shareholding of sponsor equivalent to capital contributed to the MF Lite asset management company to the extent of not less than rupees seventy five crore is locked-in for a period of three years; and (iii) appoint experienced personnel in the ....

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....ivalent to at least rupees seventy five crore shall be locked in for three years. (vi) ensure that other conditions in this regard as may be specified by the Board from time to time are adhered to: Provided further that a private equity fund or a pooled investment vehicle or a pooled investment fund may also be permitted to sponsor mutual funds lite subject to such other conditions as may be s....

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....e should not have been guilty of fraud or has not been convicted of an offence involving moral turpitude or has not been found guilty of any economic offence; (f) appointment of debenture trustees to act as trustees for the MF Lite in accordance with the provisions of the regulations; (g) appointment of MF Lite asset management company to manage the MF Lite and operate the scheme of such funds....