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TMI BlogEligibility criteria for appointment of asset management companyX X X X Extracts X X X X X X X X Extracts X X X X ..... t company is a fit and proper person;] (b) the directors of the asset management company are persons having adequate professional experience in finance and financial services related field and not found guilty of moral turpitude or convicted of any economic offence or violation of any securities laws; (c) the key personnel of the asset management company 2 [have not been found guilty of moral turpitude or convicted of economic offence or violation of securities laws] 3 [or worked] for any asset management company or mutual fund or any intermediary 4 [during the period when its] registration has been suspended or cancelled at any time by the Board; (d) the board of directors of such asset management company has at least fifty per cent direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application with reference to the matters specified in sub-regulation (1), grant approval to the asset management company. ************** NOTES:- 1 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998. 2 Inserted ibid.. 3 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998, for the words, has not been working . 4 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998, for the words, whose . 5 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2014, w.e.f. 06-05-2014, for the words, ten crores . 6 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2014, w.e.f. 06-05-2014, for the figure, 1993 . 7 Substituted by the SEBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heir publication in the Official Gazette, that is 04-02-2021 before it was read as (f) the asset management company has a networth of not less than rupees 5 [fifty crore]: Provided that an asset management company already granted approval under the provisions of Securities and Exchange Board of India (Mutual Funds) Regulations, 6 [1996] shall within a period of 7 [three years] from the date of notification of 8 [Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2014] increase its networth to rupees 9 [fifty crore]: 10 [***] Provided further that no new schemes shall be allowed to be launched or managed by such asset management company till the networth has been raised to rupees 11 [fifty crore].] 12 [Explanation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired to have a networth of not less than rupees one hundred crore 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. ] 18. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/134 dated 26-06-2023 w.e.f. 01-08-2023 before it was read as, 17 [ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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