https://www.scconline.com/blog/post/2022/08/04/sponsors-which-invest-in-various-companies-on-behalf-of-the-beneficiaries-of-insurance-policies-excluded-from-the-definition-of-associate-vide-sebi-mutual-funds-second-amendment-regulations-2/
Sponsors which invest in various companies on behalf of the beneficiaries of insurance policies excluded from the definition of 'Associate' vide SEBI (Mutual Funds) (Second Amendment) Regulations, 2022