Regulation 50 - To maintain proper books of account and records, etc. - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

CHAPTER VII GENERAL OBLIGATIONS To maintain proper books of account and records, etc. 50. (1) Every asset management company 2 [ **** ] shall keep and maintain proper books of account, records and documents, for each scheme so as to explain its transactions and to disclose at any point of time the financial position of each scheme and in particular give a true and fair view of the state of affairs of the fund and intimate to the Board the place where such books of account, records and documents are maintained. 3 [ (1A) The financial statements and accounts of the mutual fund schemes shall be prepared in accordance with Indian Accounting Standards (IND AS) and any addendum thereto, as notified by the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time: Provided that in case there is any conflict between the requirements of IND AS and these regulations and guidelines issued thereunder, the asset management companies shall follow the requirements specified under these regulations. ] (2) Every asset management company shall maintain and preserve for a period of 1 [eight] years its books of account, records and documents. (3) The asset management company shall follow the accounting policies and standards as specified in Ninth Schedule 4 [ and as specified by the Board from time to time, ] so as to provide appropriate details of the schemewise disposition of the assets of the fund at the relevant accounting date and the performance during that period together with information regarding distribution or accumulation of income accruing to the unitholder in a fair and true manner. ************* NOTES:- 1 Substituted for ten by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998. 2. Omitted 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 for each scheme 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 w.e.f. 01-04-2023 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022