Seeks to Amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. - SEBI/LAD-NRO/GN/2023/134 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 26th June, 2023 SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2023 No. SEBI/LAD-NRO/GN/2023/134 In exercise of the powers conferred by section 30 read with clause (c) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 , namely 1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2023. 2. They shall come into force on such dates as the Board may by notification in the Official Gazette appoint: Provided that the amendments to sub-regulations (XIII) and (XIV) of Regulation 3 shall come into force on the date of their publication in the Official Gazette: Provided further that the amendments to clause (i) of sub-regulation (I), sub-regulation (II), sub-regulation (III), sub-regulation (IV), clause (ii) of sub-regulation (VII) and sub-regulation (XXIV) of Regulation 3 shall come into force with effect from August 1, 2023, while the amendments to clause (i) of sub-regulation (VII) of Regulation 3 shall come into force with effect from January 1, 2024. 3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 , I. in regulation 2 , sub-regulation (1), i. after clause (n), the following clause shall be inserted, namely,- (na) Liquid networth means the networth deployed in liquid assets which are unencumbered and shall include cash, money market instruments, Government Securities, Treasury bills, Repo on Government securities and any other like instruments as specified by the Board from time to time. ii. clause (qa) shall be renumbered as clause (qb) and before the clause so renumbered, the following clause shall be inserted, namely,- (qa) NAV or Net Asset Value shall mean the value computed in the manner provided in sub-regulation (1) of regulation 48 of these regulations; iii. in clause (y), the words and symbols trustees mean the Board of Trustees or the Trustee Company who hold the property of the Mutual Fund in trust for the benefit of the unit holders; shall be substituted with the words and symbols trustees mean the trustee company that holds the property of the mutual fund in trust for the benefit of the unit holders: and thereafter the following proviso shall be inserted, namely, Provided that trustees in the form of a board of trustees shall convert to a trustee company within a period of one year from the date of notification of the provision of these amendment regulations, with the prior approval of the Board. II. in regulation 7 , clause (a) shall be substituted with the following, namely,- (a) the sponsor should have a sound track record and general 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. be carrying on business in financial services for a period of not less than five years; and ii. ensure that the networth is positive in all the immediately preceding five years; and iii. ensure that the positive liquid networth is more than the proposed capital contribution of the sponsor in the asset management company and ensure that in case of change in control of the existing asset management company due to acquisition of shares, the positive liquid net worth of the sponsor or funds tied up by the sponsor is to the extent of aggregate par value or market value of the shares proposed to be acquired, whichever is higher; and iv. have net profit after providing for depreciation, interest and tax in each of the immediately preceding five years; and v. have average net annual profit after depreciation, interest and tax during the immediately preceding five years of at least rupees ten crore: Provided that if the requirements specified under Explanation to clause (a) are not fulfilled, the sponsor shall,- (i) adequately capitalize the asset management company such that the net worth of the asset management company is not less than rupees one hundred fifty crore; and (ii) ensure that the initial shareholding equivalent to capital contributed to the asset management company to the extent of not less than rupees one hundred fifty crore is locked-in for a period of five years; and (iii) appoint experienced personnel in asset management company such that the total combined experience of Chief Executive Officer, Chief Operating Officer, Chief Risk Officer, Chief Compliance Officer and Chief Investment Officer should be at least thirty years; and (iv) ensure that in case of acquisition of existing asset management company, the sponsor shall have minimum positive liquid net worth equal to incremental capitalization required to ensure minimum capitalization of the asset management company and the positive liquid net worth of the sponsor or the funds tied up by the sponsor are to the extent of aggregate par value or market value of the shares proposed to be acquired, whichever is higher; and (v) ensure that in case of acquisition of stake in an existing asset management company, the shareholding equivalent to at least rupees one hundred fifty crore shall be locked in for five years; and (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 subject to such other conditions as may be specified by the Board from time to time. III. After regulation 7B , the following regulation shall be inserted, namely,- 7C (1) The sponsor may be permitted to disassociate from the asset management company and the mutual fund subject to such conditions as may be specified by the Board. (2) In the event of the sponsor disassociating itself from the asset management company and the mutual fund as specified in sub-clause (1) above, the asset management company of the existing mutual fund may act as sponsor of the same mutual fund subject to such conditions and in the form and manner as may be specified by the Board. (3) In the event of the disassociation of the sponsor from the asset management company and the mutual fund, the shareholding for any shareholder in the asset management company shall be below 10%. (4) In the event of the sponsor disassociating itself from the asset management company and the mutual fund, the board of directors of such asset management company shall have at least two third independent directors. (5) If the asset management company fails to fulfill the conditions specified under sub-clause (2) above, the dissociated sponsor or any new entity may become sponsor of the mutual fund subject to such conditions as may be specified by the Board from time to time. IV. in regulation 14 , the following proviso shall be inserted, namely, - Provided that in case of disassociation of the sponsor, the signatory to the trust deed shall be as specified by the Board. V. In regulation 16 , after sub-regulation (6), the following sub-regulation shall be inserted, namely,- (7) In case a company is appointed as the trustee of a mutual fund, the Chairperson of the board of directors of that trustee company shall be an independent director: Provided that a trustee company, already appointed as the trustee of a mutual fund shall comply with this sub-regulation within a period as may be specified by the Board from time to time. VI. In regulation 18 ,- i. sub-regulation (4) shall be omitted; ii. sub-regulation (4A) shall be omitted; iii. in sub-regulation (5), after the words trustees shall the words approve the policy for empanelment of brokers by the asset management company and shall shall be inserted; iv. in sub-regulation (14), the words be responsible for the calculation of any income due to be paid to the mutual fund and also of any income received in the mutual fund for the holders of the units of any scheme shall be substituted with the words ensure that the income calculated by the asset management company under sub-regulation (25) of regulation 25 of these regulations is ; v. sub-regulation (15A) shall be substituted with the following, namely,- (15A) The trustees shall ensure that no change in the fundamental attributes of any scheme, the fees and expenses payable or any other change which would modify the scheme and affect the interest of the unit holders is carried out by the asset management company, unless it complies with sub-regulation (26) of regulation 25 of these regulations. ; vi. sub-regulation (19) shall be substituted with the following, namely,- (19) The trustees shall periodically review the service contracts relating to custody arrangements and satisfy themselves that such contracts are executed in the interest of the unit holders. ; vii. in sub-regulation (25), after clause B, the following clause shall be inserted, namely,- C. The trustees shall also exercise due diligence on such matters as may be specified by the Board from time to time. VII. in regulation 21 , in sub-regulation (1), (i) clause (f) shall be substituted with the following clause, namely,- (f) the asset management company has a networth of not less than rupees fifty crore deployed in assets as may be specified by the Board: Provided that where the sponsor does not fulfil the requirements provided in part (i) to (v) 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 deployed in assets as may be specified by the Board 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 management company. (ii) clause (g) shall be substituted with the following clause, namely,- (g) the networth of the asset management company as required under clause (f) of this regulation shall be maintained on a continuous basis and it shall be the responsibility of the sponsor to ensure the same. VIII. In regulation 25 ,- i. in sub-regulation (6A), the Explanation shall be omitted; ii. after sub-regulation (6C), the following sub-regulation shall be inserted, namely,- (6D) The board of directors of the asset management company shall ensure that all the activities of the asset management company are in accordance with the provisions of these regulations. iii. after sub-regulation (21), the following new sub-regulations shall be inserted, namely,- (22) The board of directors of the asset management company shall exercise due diligence as follows: (a) The board of directors of the asset management company shall ensure before the launch of any scheme that the asset management company has- (i) systems in place for its back office, dealing room and accounting; (ii) appointed all key personnel including fund manager(s) for the scheme(s) and submitted their bio-data which shall contain the educational qualifications and past experience in the securities market with the Trustees, within fifteen days of their appointment; (iii) appointed auditors to audit its accounts; (iv) appointed a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines, instructions, etc., issued by the Board or the Central Government and for redressal of investors grievances; (v) appointed a registrar to an issue and share transfer agent registered under the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 and laid down parameters for their supervision; (vi) prepared a compliance manual and designed internal control mechanisms including internal audit systems; (vii) specified norms for empanelment of brokers and marketing agents; (viii) obtained, wherever required under these regulations, prior in principle approval from the recognized stock exchange(s) where units are proposed to be listed. (b) The board of directors of the asset management company shall ensure that - (i) the asset management company has been diligent in empanelling the brokers, in monitoring securities transactions with brokers and avoiding undue concentration of business with specific brokers; (ii) the asset management company has not given any undue or unfair advantage to any associate or dealt with any of the associate of the asset management company in any manner detrimental to interest of the unit holders; (iii) the transactions entered into by the asset management company are in accordance with these regulations and the respective schemes; (iv) the transactions of the mutual fund are in accordance with the provisions of the trust deed; (v) the networth of the asset management company are reviewed on a quarterly basis to ensure compliance with the threshold provided in clause (f) of sub-regulation (1) of regulation 21 on a continuous basis; (vi) all service contracts including custody arrangements of the assets and transfer agency of the securities are executed in the interest of the unit holders; (vii) there is no conflict of interest between the manner of deployment of the networth of the asset management company and the interest of the unit holders; (viii) the investor complaints received are periodically reviewed and redressed; (ix) all service providers are holding appropriate registrations with the Board or with the concerned regulatory authority; (x) any special developments in the mutual fund are immediately reported to the trustees; (xi) there has been exercise of due diligence on the reports submitted by the asset management company to the trustees; (xii) there has been exercise of due diligence on such matters as may be specified by the Board from time to time. (23) The compliance officer appointed under sub-clause (iv) of clause (a) of sub-regulation (22) shall independently and immediately report to the Board any non-compliance observed by him. (24) The asset management company shall constitute a Unit Holder Protection Committee in the form and manner and with a mandate as may be specified by the Board. (25) The asset management company shall be responsible for calculation of any income due to be paid to the mutual fund and also any income received in the mutual fund, for the unit holders of any scheme of the mutual fund, in accordance with these regulations and the trust deed. (26) The asset management company shall ensure that no change in the fundamental attributes of any scheme or the trust, fees and expenses payable or any other change which would modify the scheme and affect the interest of unit holders, shall be carried out unless, (i) a written communication about the proposed change is sent to each unit holder and an advertisement is issued in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of region where the Head Office of the mutual fund is situated; and (ii) the unit holders are given an option to exit at the prevailing Net Asset Value without any exit load. IX. After regulation 25 , the following regulation shall be inserted, namely,- Meeting of the board of directors of the trustee company and the board of directors of the asset management company. 25A. The board of directors of the trustee company and the board of directors of the asset management company, including any of their committees, shall meet at such frequency as may be specified by the Board from time to time. X. Regulation 31A shall be substituted with the following, namely,- In-principle approval from recognised stock exchange(s). 31A. For listing of units of any scheme of a mutual fund on the recognised stock exchange(s), the asset management company of that mutual fund shall take all necessary steps and obtain the in principle approval from the recognised stock exchange(s) in the manner as specified by such exchange(s) from time to time. XI. In regulation 31B , sub-regulation (1) shall be substituted with the following, namely,- (1) Before listing of units of any scheme of mutual fund on the recognised stock exchange(s), the asset management company of that mutual fund shall execute an agreement with such exchange(s). XII. Regulation 38 shall be omitted. XIII. In regulation 43 , after sub-regulation (6), the following new sub-regulation shall be inserted, namely,- (7) Moneys collected under Environmental, Social and Governance schemes shall be invested in the manner as specified by the Board from time to time. XIV. After regulation 43 , the following regulation shall be inserted, namely,- Investment in Corporate Debt Market Development Fund. 43A. (1) Mutual funds shall invest such percentage of net assets of such categories of mutual fund schemes as may be specified by the Board in the units of the Corporate Debt Market Development Fund. (2) The asset management companies of the mutual funds shall invest such percentage of assets under management as may be specified by the Board in the units of Corporate Debt Market Development Fund. Explanation : For the purpose of this regulation Corporate Debt Market Development Fund shall have the same meaning assigned to it under clause (ga) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. XV. Regulation 46 shall be omitted. XVI. Regulation 47 shall be substituted with the following, namely,- Valuation of investments. 47. The asset management company shall compute and carry out valuation of investments made by the scheme(s) of the mutual fund in accordance with the investment valuation norms specified in the Eighth Schedule and publish the same. XVII. In regulation 48 , in sub-regulation (1), the words mutual fund shall be substituted with the words asset management company . XVIII. In regulation 49 , in sub-regulation (2), the words mutual fund shall be substituted with the words asset management company . XIX. In regulation 53 , the words mutual fund and shall be omitted. XX. In regulation 56 , in sub-regulation (3), the words mutual fund shall be substituted with the words asset management company . XXI. In regulation 57 , the words Every mutual fund shall be substituted with the words Every asset management company . XXII. In regulation 59A , the words A mutual fund shall be substituted with the words An asset management company . XXIII. In the First Schedule , in Form C,- iii. in clause (1), the words trust company , wherever appearing, shall be substituted with the words trustee company ; iv. clause (3) shall be omitted. XXIV. In the Seventh Schedule , in clause 9, after sub-clause (c), the following proviso shall be inserted, namely,- Provided that for the private equity fund or a pooled investment vehicle or a pooled investment fund acting as sponsor of mutual funds, the associate or group company shall also include,- a. associate or group company of the manager of any pooled investment vehicle; or b. investee companies in which the shareholding of ten percent or more is held by the schemes or funds managed by manager of the pooled investment vehicle; or c. any investee company in which the pooled investment vehicle holds more than ten percent shareholding or where the directors of the pooled investment vehicle or corporate sponsor has representation on the board or right to nominate representatives on the board . XXV. In the Eighth Schedule , in clause (g), in the proviso, the words Board of Trustees and the Board shall be substituted with the words the board of directors of the trustee company and the board of directors . XXVI. In the Eleventh Schedule ,- i. in clause 1, in sub-clause (i) and sub-clause (iv), the words Board of Trustees shall be substituted with the words trustee company ; ii. in clause 5, in sub-clause (i) the words Board of Trustees shall be replaced with the words trustee company and the word unitholders shall be substituted with the words unit holders . BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./225/2023-24] Footnote : 1. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Principal Regulations, were published in the Gazette of India on December 9, 1996 vide S.O. No. 856 (E). 2. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 were subsequently amended (1) On April 15, 1997 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1997 vide S.O. No.327 (E). (2) On January 12, 1998 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1998 vide S.O. No.32 (E). (3) On December 8, 1999 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1999 vide S.O. No. 1223 (E). (4) On March 14, 2000 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2000 vide S.O. No.235 (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) Regulations, 2002 vide S.O. No. 809 (E). (13) On September 9, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2002 vide S.O. No. 956 (E). (14) On September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No.1045 (E). (15) On May 29, 2003 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2003 vide S.O. No. 632 (E). (16) On January 12, 2004 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2004 vide F.No. SEBI/LAD/DOP/4/2004. (17) On March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398 (E). (18) On January 12, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2006 vide S.O. No. 38 (E). (19) On May 22, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2006 vide S.O. No. 783 (E). (20) On August 3, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2006 vide S.O. No. 1254 (E). (21) On December 27, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2006 vide F. No. SEBI/LAD/DOP/82534/2006. (22) On December 27, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Fifth Amendment) Regulations, 2006 vide F. No. SEBI/LAD/DOP/83065/2006. (23) On May 28, 2007 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2007 vide F. No. 11/LC/GN/2007/2518. (24) On October 31, 2007 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2007 vide F. No. 11/LC/GN/2007/4646. (25) On March 31, 2008 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2008 vide F. No. 11/LC/GN/2008/21669. (26) On April 16, 2008 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008 vide F. No. LADNRO/ GN/2008/03/123042. (27) On May 22, 2008 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2008 vide 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 September 26, 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) On April 16, 2013 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/03/5652. (36) On June 19, 2013 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/12/6108. (37) On August 19, 2013 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/18/6384. (38) On May 6, 2014 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/01/1039. (39) On May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089. (40) On December 30, 2014 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/19/1973. (41) On May 15, 2015 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2015 No. NROOIAE/GN/2015-16/005. (42) On February 12, 2016 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2015-16/034. (43) On February 15, 2017 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/031. (44) On March 13, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/02. (45) On May 30, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/14. (46) On December 6, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/50. (47) On December 13, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/51. (48) On January 1, 2019 by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2019/01. (49) On April 26, 2019 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/011. (50) On September 23, 2019 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/37. (51) On March 6, 2020 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/07. (52) On April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. (53) On October 29, 2020 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/39. (54) On February 4, 2021 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/08. (55) On August 3, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30. (56) On August 5, 2021 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/36. (57) On November 9, 2021 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/56. (58) On January 25, 2022 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/70. (59) On August 3, 2022 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/92. (60) On November 16, 2022 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/106.