The Securities and Exchange Board of India has made SEBI (Mutual Funds) (Second Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette.
In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, after sub-clause (iii) of clause (c) of Regulation 2 providing definition of ‘Associate’, the following proviso has been inserted:
“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.”