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TMI BlogSecurities and Exchange Board of India (Mutual Funds) ( Amendment) Regulations, 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... , after the word "trustee" and before the words and symbol ", as the case", the words "or the sponsor" shall be inserted. ii. in sub-clause (ii) of clause (c), after the word "trustee" and before the words and symbol ", directly or indirectly", the words "or the sponsor" shall be inserted. iii. in sub-clause (iii) of clause (c), after the words "whose director" and before the words and symbol ", officer or employee", the words "except an independent director" shall be inserted. iv. clause (d) shall be substituted with the following clause, namely, - "(d)"asset management company" means a company formed and registered under the Companies Act 1956 (1 of 1956) or Companies Act, 2013 (18 of 2013) and approved by the Board under sub regulation (2) of regulation 21;" v. in clause (e), the words and symbol "(Stock Brokers and Sub-brokers) Rules, 1992" shall be substituted with the words and symbol "(Stock Brokers) Regulations, 1992". vi. in clause (ea), the word "endeavour's" shall be substituted with the word "endeavours". vii. in sub-clause (i) of clause (g), the words "or combination of persons" shall be substituted with the words and symbol ",either individually or toget ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2(77) of the Companies Act, 2013 (18 of 2013);" xvi. clause (w) shall be substituted with the following clause, namely, - "(w)"securities laws" means the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the Depositories Act, 1996 (22 of 1996), the provision of any other law to the extent it is administered by the Board and the relevant rules and regulations made thereunder;" xvii. in clause (x), the words "acting alone or in combination" shall be substituted with the words "acting individually or in concert". xviii. in clause (y), the following explanation shall be inserted, namely, - "Explanation: In the event the trusteeship of the mutual fund is with a trustee company, wherever the context requires applicability of provisions for individual trustees, the term "trustees" under these regulations shall be deemed to mean the directors of board of the trustee company." xix. after sub-regulation (1), the following shall be inserted, namely, - "(2) the words and expressions used and not defined in these regulations but defined in the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Companies Act, 2013 (18 of 2013), the Depositori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the sponsor does not fulfil the requirements provided in part (iv) 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 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. after clause (f), the following shall be inserted, namely, - "(g) The networth of the asset management company as required under clause (f) of this regulation shall be maintained on a continuous basis." VI. In clause (e) of Regulation 22, the words "controlling interest" shall be substituted with the word "control". VII. In regulation 24, in clause (b), in the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding month" shall be substituted with the words "as per the timeline specified by the Board from time to time". XVII. In the proviso to sub-regulation (2) of regulation 37, the words and the number "the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996" shall be substituted with words and the number "the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018". XVIII. In sub-regulation (1) of regulation 43, i. in clauses (e) and (f) the word "or" shall be omitted. ii. in clause (g), the symbol "." shall be substituted with the symbol ";". iii. after clause (g), the following clause shall be inserted, namely,- "(h) any other assets or instruments as may be specified by the Board from time to time." XIX. In regulation 49, i. sub-regulation (3) and provisos shall be substituted with the following, namely, - "(3) While determining the price of the units, the mutual fund shall ensure that the repurchase price of an open ended scheme is not lower than 95 per cent of the Net Asset Value." ii. sub-regulations (3A), (3B) and (3C) shall be omitted. XX. In sub-regulation (1) of regulation 50, after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... II. In clause (ii) of the Fourth Schedule, the words and symbol "sub-regulation (2)" shall be substituted with the words and symbol "clause (b)". XXIX. In the Fifth Schedule, i. in clause (3), the word "affiliates" shall be substituted with the word "associates". ii. clause (5) shall be substituted with the following clause, namely, - "(5) Trustees and asset management companies shall ensure that the assets and liabilities of each scheme are segregated and ring-fenced from other schemes of the mutual fund; and bank accounts and securities accounts of each scheme are segregated and ringfenced." XXX. After clause (i) and before clause (j) of the Sixth schedule, the following clause shall be inserted, namely, - "(ia) Advertisements in vernacular language(s) shall contain the standard warning as specified in clause (i) in the vernacular language." XXXI. In the Seventh Schedule, i. in the first proviso to clause (1), the words "collateralized borrowing and lending obligations" shall be substituted with the words "triparty repo on Government securities or treasury bills". ii. the third proviso to clause (1) shall be substituted with the following, namely,-. "Provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt) 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ril, 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 19th June, 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 19th August, 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 6th May, 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 23rd May, 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 30th December, 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 15th May, 2015 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2015 No. NROOIAE/GN/2015-16/005. (42) on 12th February, 2016 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2016 v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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