Eligibility Criteria

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....ating Officer, Chief Compliance Officer and Chief Investment Officer appointed by the sponsor should be at least twenty (20) years and each of them shall have a minimum of 3 years of relevant experience.   (b) Profitability Net profit from the financial business operations after providing for depreciation, interest and tax in three out of immediately preceding five years including the fifth year. Average net annual profit from the financial business operations after depreciation, interest and tax during the immediately preceding five years of at least rupees five crore. No profitability criteria for granting a certificate of registration under this route   (c) Net worth of sponsor Positive net worth i....

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....s under management of the MF Lite asset management company exceeds the thresholds specified by the Board, the MF Lite asset management company shall abide by the net worth requirements specified under Route 2 in Chapter II of these Regulations. The sponsor shall ensure maintaining the net worth requirement on a continuous basis.   (f) Lock-in Requirement No lock-in requirements for certificate of registration under this route. The initial Shareholding equivalent to capital contributed to the MF Lite asset management company, to the extent of at least rupees seventy-five crore (Rs. 75 Crores), shall be locked-in for a period of three years   (g) Change in Control In case of change in control of an exis....

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.... Exchange Board of India (Intermediaries) Regulations, 2008. (3) Minimum holding of sponsor in an MF Lite Asset                Management Company The sponsor shall contribute at least 40% to the net worth of the MF Lite asset management company: Provided that any person who holds 40% or more of the net worth of an asset management company shall be deemed to be a sponsor and will be required to fulfill the eligibility criteria specified in these regulations. (4) Fit and proper requirement for sponsor, its directors or the key personnel to be employed by the mutual fund lite and/or mutual fund lite asset management company The sponsor or any ....