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TMI BlogRole of Chief Executive Officers & Fund Managers and Fund of FundsX X X X Extracts X X X X X X X X Extracts X X X X ..... ted May 29, 2003 pertaining to SEBI (Mutual Funds)(Amendment) Regulations, 2003 for your information and implementation. 1. Role of Chief Executive Officers and Fund Managers The amended Regulations define the roles of Chief Executive Officers and Fund Managers of mutual funds with a view to strengthen their positions and specifying their accountability and to protect the interest of investors. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA NOTIFICATION Mumbai, the 29th May, 2003 SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2003 S.O. 632(E).---- In exercise of the powers conferred by section 30 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) Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the mutual fund complies with all the provisions of these regulations and the guidelines or circulars issued in relation thereto from time to time and that the investments made by the fund managers are in the interest of the unitholders and shall also be responsible for the overall risk management function of the mutual fund. Explanation: For the purpose of this sub-regulation, the words 'thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following proviso shall be inserted, namely:- "Provided that this clause shall not apply to any fund of funds scheme"(b) after the existing clause 9, the following clause shall be inserted, namely: "9A. No scheme of a mutual fund shall make any investment in any fund of funds scheme."(c) after the existing clause 11, the following clause shall be inserted, namely:- "1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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