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MUTUAL FUND REGISTRATION
MUTUAL
FUND
REGISTERA
TION
A Mutual Fund (MF) is
formed when capital
collected by various
investors is invested in
purchasing company
shares, stocks, or
bonds. Shared by
thousands of investors,
mutual funds
investments are
collectively managed
by a professional fund
manager to earn the
highest possible
returns. This is how
mutual funds work, not
only in India but,
anywhere in the world.
What is Registration of Mutual Fund
with SEBI?
• A mutual fund is set up in the form of a trust, which has sponsor,
trustees, Asset Management Company (AMC) and custodian.
• The trust is established by a sponsor or more than one sponsor
who is like promoter of a company. The trustees of the mutual
fund hold its property for the benefit of the unit holders.
• Asset Management Company (AMC) approved by SEBI manages
the funds by making investments in various types of securities.
• The trustees are vested with the general power of superintendence
and direction over AMC. They monitor the performance and
compliance of SEBI Regulations by the mutual fund.
An applicant proposing to sponsor
a mutual fund (MF) in India must
submit an application in Form A
[first schedule of the SEBI (Mutual
Funds) Regulations, 1996
(hereinafter, referred to as the
Regulations)] along with a non-
refundable fee of INR 5 lakh.
The application is examined and
once the sponsor satisfies the
eligibility criteria, it is required to
complete the remaining formalities
for setting up a MF.
These include inter alia,
executing the trust deed and
investment management
agreement, setting up a trustee
company/board of trustees
comprising two-thirds
independent trustees,
incorporating the asset
management company (AMC),
contributing to at least 40% of
the net worth of the AMC and
appointing a custodian.
UponTh sesae itniclsudfey initnerg al iat,h execsutien g the trust deed and investment management agreement,
conditio
certisfietticnag
nu s, thtep a itrsu stieses
cromepganiys/btued so
r
ua
arbd
t jo
io
ef tcru
n
tst
eteos c omprising two-thirds independent trustees,
the pinacoyrporating the asset management company (AMC), contributing to at least 40% of the net
fees woofrth
m of ethen AtM oC f registration INR 25 alnad kaphpo.inting a custodian.
Upon satisfying these conditions, the registration certificate is issued subject to the payment of
registration fees of INR 25 lakh
Procedure for
registering a mutual
fund with SEBI:
An application
for registration of
a mutual fund
shall be made to
the Board (SEBI)
in Form Aby the
sponsor along
with the non-
refundable fee of
INR 5 lakh.
Eligibilit
y The applicant has
criteria: to fulfil the
following criteria
for grant of a
certificate of
registration:
The sponsor
should have a
sound track
record and
general
reputation of
fairness and
integrity in all his
business
transactions.
Explanation: For the purposes of
this clause “sound track record”
shall mean the sponsor should-
Be carrying on business in financial
services for a period of not less than 5
years; and
The net worth is positive in all the
immediately preceding 5 years; and
The net worth in the immediately
preceding year is more than the capital
contribution of the sponsor in the asset
management company; and
The sponsor has profits after
providing for depreciation,
interest and tax in 3 out of the
immediately preceding 5 years,
including the 5 year.
The applicant is a fit and proper
person.
In the case of an existing mutual
fund, such fund is in the form of a
trust and the trust deed has been
approved by the SEBI;
The sponsor has contributed or contributes at
least 40% to the net worth of the asset
management company,
Provided that any person who holds 40% or more
of the net worth of an asset management
company shall be deemed to be a sponsor and
will be required to fulfill the eligibility criteria
specified in these regulations;
The sponsor or any of its directors or the
principle officer to be employed by the mutual
fund should not have been guilty of fraud or
has not been convicted of an offence involving
moral turpitude or has not been found guilty
of any economic offence;
Appointment of trustees to act as trustees for the
mutual fund in accordance with the provisions of
the regulations;
Appointment of Asset Management Company to
manage the mutual fund and operate the scheme
of such funds in accordance with the provisions of
these regulations;
Appointment of custodian in order to keep custody
of the securities or gold and gold related
instrument or other assets of the mutual fund held
in terms of these regulations, and provide such
other custodial services as may be authorised by
the trustees
SEBI may register the
mutual fund on
receipt of all the
information and
accordingly decide to
grant a certificate of
registration in Form B
subject to the
payment of
registration fees of
INR 25 lakh.
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