SEBI Update (Mutual Fund)
Amendments in few provisions relating to Mutual Fund
SEBI, on 10th August, 2016, has issued a circular amending following provisions with respect to Mutual Fund.
1. Prudential limits in sector exposure for Housing Finance Companies (HFCs)
Presently, the guidelines for sectoral exposure in debt oriented MF schemes put a limit of 25% at the sector level and an additional exposure not exceeding 5% in financial services sector only to HFCs. It has now been decided to increase additional exposure limits provided for HFCs in financial services sector from 5% to 10%.
*2. Disclosure of Votes cast by Mutual Funds*
Presently, an AMC is required to obtain Auditor's certification on the voting reports being disclosed by them on a quarterly basis. It has now been decided that such certification shall be obtained from *“scrutinizer”* in terms of Rule 20 (3) (ix) of Companies (Management and Administration) Rules, 2014. So, now such certification can be obtained from professionals other than CA as well.
*3. Submitting of final copy of SID prior to launch of the scheme*
Presently, an AMC is required to submit soft copy of SIDs alongwith printed/final copy, two working days prior to the launch of the scheme. It has now been decided that such submission is required to be made seven working days prior to the launch of the scheme.
Copy of Circular can be accessed at below link:
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1470825723028.pdf
Company Secretary GAURAV SHARMA+919990694230 Connect on Watts App with Gaurav Email us [email protected] Submit your guest articles for our website click here we will publish it Subscribe our Email updates like other 21,000 Members, Free/Easy/Comfortableway
Amendments in few provisions relating to Mutual Fund
SEBI, on 10th August, 2016, has issued a circular amending following provisions with respect to Mutual Fund.
1. Prudential limits in sector exposure for Housing Finance Companies (HFCs)
Presently, the guidelines for sectoral exposure in debt oriented MF schemes put a limit of 25% at the sector level and an additional exposure not exceeding 5% in financial services sector only to HFCs. It has now been decided to increase additional exposure limits provided for HFCs in financial services sector from 5% to 10%.
*2. Disclosure of Votes cast by Mutual Funds*
Presently, an AMC is required to obtain Auditor's certification on the voting reports being disclosed by them on a quarterly basis. It has now been decided that such certification shall be obtained from *“scrutinizer”* in terms of Rule 20 (3) (ix) of Companies (Management and Administration) Rules, 2014. So, now such certification can be obtained from professionals other than CA as well.
*3. Submitting of final copy of SID prior to launch of the scheme*
Presently, an AMC is required to submit soft copy of SIDs alongwith printed/final copy, two working days prior to the launch of the scheme. It has now been decided that such submission is required to be made seven working days prior to the launch of the scheme.
Copy of Circular can be accessed at below link:
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1470825723028.pdf
Company Secretary GAURAV SHARMA+919990694230 Connect on Watts App with Gaurav Email us [email protected] Submit your guest articles for our website click here we will publish it Subscribe our Email updates like other 21,000 Members, Free/Easy/Comfortableway
