SEBI (Mutual Funds) (Second Amendment) Regulations

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2022

No. SEBI/LAD-NRO/GN/2022/92.— 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 (SEBI) (Mutual Funds) (Second Amendment) Regulations, 2022.
   
2. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette.
   
3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,—
   
   I. in Regulation 2, sub-regulation (1),
   
   i. in sub-clause (iii) of clause (c), the symbol “;” shall be substituted with the symbol “:”.
   
   ii. after sub-clause (iii) of clause (c), the following proviso may be inserted, namely,—
   “Provided that the above definition of associate shall not be applicable to such sponsors, which invest in various companies on behalf of the beneficiaries of insurance policies or such other schemes as may be specified by the Board from time to time.”
   
   II. in Part B of the Fifth Schedule,
   
   i. sub-clause (i) of the clause (i) of para (1), shall be substituted with the following:
   “In case of an Asset Management Company and a sponsor; associate as defined in clause (c) of sub-regulation (1) of regulation 2 of these regulations”
   
   ii. sub-clause (ii) of clause (i) of para (1) shall be omitted.

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