Regulation 82 - Norms for shareholding - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

1 [Norms for shareholding. 82 . (1) Notwithstanding anything contained under regulation 7B of these regulations, a sponsor shall be permitted to obtain a registration as a mutual fund under Chapter II of these regulations and a separate registration as a Mutual Fund Lite under this Chapter subject to conditions specified by the Board from time to time. (2) Notwithstanding anything contained under regulation 7B of these regulations, an existing sponsor under these regulations may transfer its passive scheme which is eligible as a mutual fund lite scheme from an existing mutual fund to a mutual fund lite belonging to a group entity of the same sponsor, subject to conditions as specified by the Board from time to time: Provided that if an existing sponsor transfers its passive schemes from its existing mutual fund to a mutual fund lite, the existing mutual fund shall not launch any passive schemes that are eligible as mutual fund lite schemes after such transfer. (3) Notwithstanding anything contained under regulation 7B of these regulations, an existing shareholder holding 10% or more shareholding or voting rights in an existing asset management company of the mutual fund may be allowed to hold 10% or more shareholding or voting rights in a mutual fund lite asset management company belonging to a group entity of the same sponsor. (4) An existing mutual fund that intends to only launch mutual fund lite schemes may surrender its existing registration and migrate as a mutual fund lite under this Chapter subject to the conditions and the manner specified by the Board. ] ************** NOTES:- 1. Inserted vide Notification No.SEBI/LAD-NRO/GN/2024/221 dated 16-12-2024 w.e.f. ninetieth day from the date of their publication in the Official Gazette