The Securities and Exchange Board of India (SEBI) on August 03, 2022 has issued Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. This shall come into force on the thirtieth day from August 03, 2022.
The following has been amended namely: -
• In regulation 2 (1) which states “Definitions” the following proviso is inserted after clause (c) which states “Associate” 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”
• In Clause 1(i)(i) under Part B of the Fifth Schedule which states “Code of Conduct” has been substituted namely: -
“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.”
[Notification No. SEBI/LAD-NRO/GN/2022/92]
