Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018

Dec 07, 2018 | by Avantis RegTech Legal Research Team


The Securities and Exchange Board of India (SEBI) on December 06, 2018 has published the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018 to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

The following amendment in the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 are as under:

In regulation 7B which specifies the Norms for shareholding and governance in mutual funds, after sub-regulation (3), the following proviso shall be inserted, namely:

“Provided that in the event of a merger, acquisition, scheme of arrangement or any other arrangement involving the sponsors of the mutual funds, shareholders of the asset management companies or trustee companies, their associates or group companies which results in the incidental acquisition of shares, voting rights or representation on the board of the asset management companies or trustee companies, this regulation shall be complied with within a period of one year of coming into force of such an arrangement.”

[Notification No. SEBI/LAD-NRO /GN/ 2018/50]

 

URL: https://www.sebi.gov.in/legal/regulations/dec-2018/securities-and-exchange-board-of-india-mutual-fund-third-amendment-regulations-2018-dated-december-06-2018_41241.html


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.