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Date: 2022-08-03 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 30 read with clause c of sub section 2 of section 11 of the Securities and Exchange Board of India Act

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

## Report on Securities and Exchange Board of India (SEBI) Mutual Funds Second Amendment Regulations, 2022 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Mutual Funds Second Amendment Regulations, 2022, based on the official gazette notification. This amendment modifies the Securities and Exchange Board of India Mutual Funds Regulations, 1996. Key changes include revisions to the definition of "associate" and modifications to Part B of the Fifth Schedule regarding Asset Management Companies (AMCs) and sponsors. The amendment aims to refine regulatory definitions and requirements related to mutual funds, potentially impacting sponsors and Asset Management Companies. **2. Introduction:** This report provides an informative overview and analysis of the Securities and Exchange Board of India (SEBI) Mutual Funds Second Amendment Regulations, 2022 (hereafter referred to as "the Amendment"), as published in the Gazette of India. The analysis is based solely on the text provided and aims to inform stakeholders about the key changes introduced by this Amendment. **3. Policy Overview:** * This is an *amendment* to the Securities and Exchange Board of India Mutual Funds Regulations, 1996. * **Core Objective(s):** The core objective, as inferred from the text, is to refine and update the regulatory framework governing mutual funds in India, specifically concerning the definition of "associate" and stipulations relating to Asset Management Companies. **4. Background and Rationale:** This amendment likely stems from a need to clarify the definition of "associate" within the context of mutual fund regulations and to adjust the requirements for Asset Management Companies (AMCs) and sponsors. The inclusion of a new proviso related to sponsors investing on behalf of insurance policies or other specified schemes suggests a desire to provide regulatory flexibility for certain investment structures. The modifications to Part B of the Fifth Schedule seem intended to refine the information and compliance requirements concerning AMCs and their sponsors. **5. Key Provisions / Changes:** This section details the specific changes introduced by the Amendment: * **I. Regulation 2, subregulation 1:** * **Change:** i. In subclause iii of clause c, the symbol ; shall be substituted with the symbol :. * **Change:** ii. After subclause iii of clause c, the following proviso may be inserted, namely, 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. * **Effect:** This change modifies the definition of "associate." Specifically, a proviso is added, exempting sponsors investing on behalf of insurance policies or other schemes specified by SEBI from the standard "associate" definition. This likely aims to prevent unintended consequences or regulatory burdens on sponsors managing funds for specific beneficiary groups. * **II. Part B of the Fifth Schedule:** * **Change:** i. subclause i of the clause i of para 1, shall be substituted with the following: In case of an Asset Management Company and a sponsor; associate as defined in clause c of subregulation 1 of regulation 2 of these regulations * **Change:** ii. subclause ii of clause i of para 1 shall be omitted. * **Effect:** These alterations refine the provisions of Part B of the Fifth Schedule, specifically in the sections concerning Asset Management Companies and sponsors. The specific implications are unclear without the original context of Part B, but the text indicates changes concerning disclosure requirements and regulatory stipulations concerning AMCs and their sponsors, by re-stating the Associate definition in Regulation 2, and omitting subclause ii of clause i of para 1.. **6. Target Audience and Stakeholders:** The primary target audience and stakeholders affected by this Amendment include: * **Mutual Funds:** The regulations directly pertain to mutual funds operating in India. * **Asset Management Companies (AMCs):** These companies are directly impacted by the changes to the Fifth Schedule. * **Sponsors of Mutual Funds:** The modifications to the definition of "associate" and the Fifth Schedule directly affect sponsors. * **Beneficiaries of insurance policies and other schemes:** The changes in the associate definition may positively impact investors in schemes that sponsors invest in. **7. Implementation Aspects (Inferred):** * **Responsible Agency:** The Securities and Exchange Board of India (SEBI) is the responsible body for implementing and enforcing these regulations. * **Timelines:** The Amendment comes into force on the thirtieth day from the date of its publication in the Official Gazette (August 3, 2022). This provides a one-month window for affected parties to prepare for compliance. * **Implementation of Changes:** AMCs and Sponsors will need to ensure compliance with the revised definition of associate, changes to the fifth schedule by reviewing and updating their policies and procedures accordingly. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these changes are: * **Clarification of Regulatory Definitions:** A clearer definition of "associate" will provide greater certainty for sponsors, especially those investing on behalf of insurance policies and other schemes. * **Refined Compliance Requirements for AMCs:** Adjustments to the Fifth Schedule will change the regulatory compliance burden or information requirements for AMCs and their sponsors. * **Enhanced Regulatory Oversight:** SEBI aims to maintain and enhance regulatory oversight of the mutual fund industry through these amendments. **9. Conclusion:** The Securities and Exchange Board of India Mutual Funds Second Amendment Regulations, 2022, represents a set of targeted changes to the existing regulatory framework for mutual funds in India. The amendment focuses on refining the definition of "associate" and modifying stipulations within the Fifth Schedule related to AMCs and sponsors. These changes are likely intended to clarify existing regulations, provide flexibility for certain investment structures, and maintain effective oversight of the mutual fund industry. Stakeholders, particularly AMCs and sponsors, should carefully review the specific changes and ensure compliance by the effective date.

Key Entities Referenced

New Delhi: Place of publication of the Gazette of India. Securities and Exchange Board of India: Regulatory body that issued the notification. Securities and Exchange Board of India Act, 1992: Act under which the powers are conferred to SEBI. Securities and Exchange Board of India Mutual Funds Regulations, 1996: Regulations being amended by this notification. Securities and Exchange Board of India Mutual Funds Second Amendment Regulations, 2022: Title of the current amendment regulations. Official Gazette: The gazette in which the notification will be published. Asset Management Company: Mentioned in Part B of the Fifth Schedule of the Securities and Exchange Board of India Mutual Funds Regulations, 1996 Mumbai: City where the Securities and Exchange Board of India notification was issued. Securities Appellate Tribunal: Referenced in the Securities and Exchange Board of India Appeal to the Securities Appellate Tribunal Amendment Regulations, 2000 Securities and Exchange Board of India Investment Advice by Intermediaries Amendment Regulations, 2001: Amendment regulations by the Securities and Exchange Board of India. Securities and Exchange Board of India Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty Regulations, 2002: Regulations by the Securities and Exchange Board of India. Securities and Exchange Board of India Criteria for Fit and Proper Person Regulations, 2004: Regulations by the Securities and Exchange Board of India. Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2008: Amendment regulations by the Securities and Exchange Board of India. Regulatory Sandbox Amendment Regulations, 2020: Amendment regulations by the Securities and Exchange Board of India. Regulatory Sandbox Amendment Regulations, 2021: Amendment regulations by the Securities and Exchange Board of India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-03082022-237887 xxxGIDHxxx CG-MH-E-03082022-237887 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 388] नई ददल्ली, ब धिार, अगस्ट्त 3, 2022/श्रािण 12, 1944 No. 388] NEW DELHI, WEDNESDAY, AUGUST 3, 2022/SHRAVANA 12, 1944 भारतीय प्रजतभजू त और जिजनमय बोडड अजधसचू ना म ंबई, 3 अगस्ट् त, 2022 भारतीय प्रजतभजू त और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा सिं ोधन) जिजनयम, 2022 स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/92.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) की धारा 11 की उप-धारा (2) के खंड (ग) के साथ परित धारा 30 द्वारा प्रदान की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) जिजनयम, 1996 का और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाडत ् – 1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2022 कहा िा सकेगा । 2. ये जिजनयम रािपत्र म ेंइनके प्रकािन की तारीख स ेतीसिें ददन लागू होंग े । 3. भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) जिजनयम, 1996 म,ें– I. जिजनयम 2 म,ें उप-जिजनयम (1) म,ें i. खंड (ग) के उप-खंड (iii) म,ें जचह्न “;” के स्ट्थान पर जचह्न “:” आ िाएगा । ii. खंड (ग) के उप-खंड (iii) के बाद, जनम्नजलजखत परंत क िोडा िाएगा, अथातड ,् - 5270 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “परंत यह दक सहयोगी (सहय ि / असोजसएट) की ऊपर िो पररभाषा दी गई ह,ै िह ऐसे प्रायोिकों (स्ट्पॉन्सर) पर लाग ूनहीं होगी िो बीमा पॉजलजसयों या ऐसी अन्य स्ट्कीमों (िैसा बोडड द्वारा समय- समय पर बताया िाए) के लाभार्थथयों (बेजनदिजियरी) की ओर स ेजिजभन्न कंपजनयों म ेंजनिेि करत ेह ैं।” II. पााँचिीं अन सूची के भाग-ख म,ें i. पैरा (1) के खंड (झ) के उप-खंड (i) के स्ट्थान पर जनम्नजलजखत उप-खंड आ िाएगा : “(i) आजस्ट्त प्रबंध कंपनी (असेट मैनेिमेंट कंपनी) और प्रायोिक (स्ट्पॉन्सर) के मामले म;ें सहयोगी (सहय ि / असोजसएट) का िही अथ डहोगा िैसा इन जिजनयमों के जिजनयम 2 के उप-जिजनयम (1) खंड (ग) म ेंपररभाजषत ह”ै ii. पैरा (1) के खंड (झ) का उप-खंड (ii) हट िाएगा । माधबी प री ब च, अध्यक्ष [जिज्ञापन III/4/असा./209/2022-23] पाद रटप्पण : 1. भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) जिजनयम, 1996, मूल जिजनयम, का.आ. स.ं 856(अ), 9 ददसम्बर 1996 को भारत के रािपत्र में प्रकाजित हुए थे । 2. भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) जिजनयम, 1996 तत्पश्चात ् – (1) 15 अप्रैल 1997 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 1997, का.आ. स.ं 327 (अ), द्वारा (2) 12 िनिरी 1998 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 1998, का.आ. स.ं 32 (अ), द्वारा (3) 8 ददसम्बर 1999 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 1999, का.आ. स.ं 1223 (अ), द्वारा (4) 14 माचड 2000 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2000, का.आ. स.ं 235 (अ), द्वारा (5) 28 माच ड 2000 को भारतीय प्रजतभूजत और जिजनमय बोडड (प्रजतभूजत अपीलीय न्यायाजधकरण को अपील) (संिोधन) जिजनयम, 2000, का.आ. स.ं 278 (अ), द्वारा (6) 22 मई 2000 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2000, का.आ. स.ं 484 (अ), द्वारा (7) 23 िनिरी 2001 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2001, का.आ. स.ं 69 (अ), द्वारा (8) 29 मई 2001 को भारतीय प्रजतभूजत और जिजनमय बोडड (मध्यिर्थतयों द्वारा जिजनधान सलाह) (संिोधन) जिजनयम, 2001, का.आ. स.ं 476 (अ), द्वारा (9) 23 ि लाई 2001 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2001, का.आ. स.ं 698 (अ), द्वारा (10) 20 िरिरी 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2002, का.आ. स.ं 219 (अ), द्वारा (11) 11 िून 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2002, का.आ. स.ं 625 (अ), द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 (12) 30 ि लाई 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2002, का.आ. स.ं 809 (अ), द्वारा (13) 9 जसतम्बर 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (चौथा सिं ोधन) जिजनयम, 2002, का.आ. स.ं 956 (अ), द्वारा (14) 27 जसतम्बर 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (िांच अजधकारी द्वारा िांच करने और िाजस्ट्त अजधरोजपत करन े के जलए प्रदिया) जिजनयम, 2002, का.आ. स.ं 1045 (अ), द्वारा (15) 29 मई 2003 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2003, का.आ. स.ं 632 (अ), द्वारा (16) 12 िनिरी 2004 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2004, िा.स.ं भाप्रजिबो/जिकाजि/नीप्र/4/2004, द्वारा (17) 10 माच ड 2004 को भारतीय प्रजतभूजत और जिजनमय बोडड (उपय ि तथा उजचत व्यजि के जलए मानदडं ) जिजनयम, 2004, का.आ. स.ं 398 (अ), द्वारा (18) 12 िनिरी 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2006, का.आ. स.ं 38(अ), द्वारा (19) 22 मई 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2006, का.आ. स.ं 783(अ), द्वारा (20) 3 अगस्ट्त 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2006, का.आ. स.ं 1254(अ), द्वारा (21) 27 ददसम्बर 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (चौथा संिोधन) जिजनयम, 2006, िा. स.ं भाप्रजिबो/जिकाजि/नीप्र/82534/2006, द्वारा (22) 27 ददसम्बर 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (पााँचिााँ संिोधन) जिजनयम, 2006, िा. स.ं भाप्रजिबो/जिकाजि/नीप्र/83065/2006, द्वारा (23) 28 मई 2007 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2007, िा. स.ं 11/एलसी/िीएन/2007/2518, द्वारा (24) 31 अिूबर 2007 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2007, िा. स.ं 11/एलसी/िीएन/2007/4646, द्वारा (25) 31 माच ड 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (िीस का संदाय) (संिोधन) जिजनयम, 2008,िा.सं.11/एलसी/िीएन/2008/21669, द्वारा (26) 16 अप्रैल 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2008, िा. सं.एलएिी-एनआरओ/िीएन/2008/03/123042, द्वारा (27) 22 मई 2008 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2008, स.ं एल.ए.डी.-एन.एन.ओ./िी.एन./2008/09/126202, द्वारा (28) 29 जसतम्बर 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2008, स.ं एलएडी-एनआरओ/िीएन/2008/24/ 139426, द्वारा (29) 8 अप्रैल 2009 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2009, सं. एल.ए.डी.-एन.आर.ओ./िी.एन./2009-10/01/ 159601, द्वारा (30) 5 िून 2009 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2009, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2009-10/07/165404, द्वारा (31) 29 ि लाई 2010 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2010, स.ं एलएडी-एनआरओ/िीएन/2010-11/13/13945, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (32) 30 अगस्ट्त 2011 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2011, िा. सं. एल.ए.डी.-एन.आर.ओ./िी.एन./2011-12/22/27668, द्वारा (33) 21 िरिरी 2012 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2012, स.ं एलएडी-एनआरओ/िीएन/2011-12/38/4290, द्वारा (34) 26 जसतम्बर 2012 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2012, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2012-13/17/21502, द्वारा (35) 16 अप्रलै 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2013, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2013-14/03/5652, द्वारा (36) 19 िून 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2013, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2013-14/12/6108, द्वारा (37) 19 अगस्ट्त 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2013, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2013-14/18/6384, द्वारा (38) 6 मई 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2014, स.ं एलएडी/एनआरओ/िीएन/2014-15/01/1039, द्वारा (39) 23 मई 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (िीस का संदाय) (संिोधन) जिजनयम, 2014, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2014-15/03/1089, द्वारा (40) 30 ददसम्बर 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2014, स.ं एलएडी-एन.आर.ओ./िी.एन./2014-15/19/ 1973, द्वारा (41) 15 मई 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2015, सं. सेबी-एन.आर.ओ./ओ.आई.ए.इ./िी.एन./2015-16/005, द्वारा (42) 12 िरिरी 2016 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2016, स.ं सेबी/एल.ए.डी.एन.आर.ओ./िी.एन./2015-16/034, द्वारा (43) 15 िरिरी 2017 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2017, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2016-17/031, द्वारा (44) 13 माचड 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2018, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2018/02, द्वारा (45) 30 मई 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा सिं ोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2018/14, द्वारा (46) 6 ददसम्बर 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2018/50, द्वारा (47) 13 ददसम्बर 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (चौथा सिं ोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2018/51, द्वारा (48) 1 िनिरी 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड (प्रजतभूजत अजभरक्षक) (संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2019/01, द्वारा (49) 26 अप्रलै 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2019/011, द्वारा (50) 23 जसतम्बर 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2019/37, द्वारा (51) 6 माचड 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2020/07, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5 (52) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एनआरओ/िीएन/2020/10, द्वारा (53) 29 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2020/39, द्वारा (54) 4 िरिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2021/08, द्वारा (55) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सडैं बॉक्स) (संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनआरओ/िीएन/2021/30, द्वारा (56) 5 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा सिं ोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनआरओ/िीएन/2021/36, द्वारा (57) 9 निम्बर, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनआरओ/िीएन/2021/56, द्वारा (58) 25 िनिरी, 2022 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2022, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/70, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the the 3rd August, 2022 SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2022 No. SEBI/LAD-NRO/GN/2022/92.— In exercise of the powers conferred by section 30 read with clause (c) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely— 1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2022. 2. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,— I. in Regulation 2, sub-regulation (1), i. in sub-clause (iii) of clause (c), the symbol ―;‖ shall be substituted with the symbol ―:‖. ii. after sub-clause (iii) of clause (c), the following proviso may be inserted, namely,— “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.” II. in Part B of the Fifth Schedule, i. sub-clause (i) of the clause (i) of para (1), shall be substituted with the following: ―In case of an Asset Management Company and a sponsor; associate as defined in clause (c) of sub-regulation (1) of regulation 2 of these regulations‖6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ii. sub-clause (ii) of clause (i) of para (1) shall be omitted. MADHABI PURI BUCH, Chairman [ADVT.-III/4/Exty./209/2022-23] Footnote: 1. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Principal Regulations, were published in the Gazette of India on December 9, 1996 vide S.O. No. 856 (E). 2. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 were subsequently amended– (1) On April 15, 1997 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1997 vide S.O. No.327 (E). (2) On January 12, 1998 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1998 vide S.O. No.32 (E). (3) On December 8, 1999 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1999 vide S.O. No.1223 (E). (4) On March 14, 2000 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2000 vide S.O. No.235 (E). (5) On March 28, 2000 by the Securities and Exchange Board of India (Appeal to the Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide S.O. No.278 (E). (6) On May 22, 2000 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2000 vide S.O. No.484 (E). (7) On January 23, 2001 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2001 vide S.O. No.69 (E). (8) On May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O. No.476 (E). (9) On July 23, 2001 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2001 vide S.O. No.698 (E). (10) On February 20, 2002 by the Securities and Exchange Board of India (Mutual Funds)(Amendment) Regulations, 2002 vide S.O. No.219 (E). (11) On June 11, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2002 vide S.O. No.625 (E). (12) On July 30, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2002 vide S.O. No.809 (E). (13) On September 9, 2002 by the Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2002 vide S.O. No.956 (E). (14) On September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No.1045 (E). (15) On May 29, 2003 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2003 vide S.O. No. 632 (E). (16) On January 12, 2004 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2004 vide F.No. SEBI/LAD/DOP/4/2004. (17) On March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398 (E). (18) On January 12, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2006 vide S.O. No. 38 (E).[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7 (19) On May 22, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2006 vide S.O. No. 783 (E). (20) On August 3, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2006 vide S.O. No. 1254 (E). (21) On December 27, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2006 vide F. No. SEBI/LAD/DOP/82534/2006. (22) On December 27, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Fifth Amendment) Regulations, 2006 vide F. No. SEBI/LAD/DOP/83065/2006. (23) On May 28, 2007 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2007 vide F. No. 11/LC/GN/2007/2518. (24) On October 31, 2007 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2007 vide F. No. 11/LC/GN/2007/4646. (25) On March 31, 2008 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2008 vide F. No. 11/LC/GN/2008/21669. (26) On April 16, 2008 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008 vide F. No. LADNRO/ GN/2008/03/123042. (27) On May 22, 2008 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2008 vide no. LADNRO/GN/2008/09/126202. (28) On September 29, 2008 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2008 vide No. LADNRO/ GN/2008/24/139426. (29) On April 8, 2009 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009 vide No. LAD-NRO/GN/2009-10/01/159601. (30) On June 5, 2009 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2009 vide No. LAD- NRO/GN/2009-10/07/165404. (31) On July 29, 2010 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2010 vide No. LAD-NRO/GN/2010-11/13/13945. (32) On August 30, 2011 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2011 vide No. LAD-NRO/GN/2011-12/27668. (33) On February 21, 2012 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2011-12/38/4290. (34) On September 26, 2012 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2012-13/17/21502. (35) On April 16, 2013 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/03/5652. (36) On June 19, 2013 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/12/6108. (37) On August 19, 2013 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/18/6384. (38) On May 6, 2014 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/01/1039. (39) On May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089. (40) On December 30, 2014 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/19/1973. (41) On May 15, 2015 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2015 No. NROOIAE/GN/2015-16/005.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (42) On February 12, 2016 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2015-16/034. (43) On February 15, 2017 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/031. (44) On March 13, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/02. (45) On May 30, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/14. (46) On December 6, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/50. (47) On December 13, 2018 by the Securities and Exchange Board of India (Mutual Funds) (Fourth Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2018/51. (48) On January 1, 2019 by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018 vide No. SEBI/LAD-NRO/GN/2019/01. (49) On April 26, 2019 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/011. (50) On September 23, 2019 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/37. (51) On March 6, 2020 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/07. (52) On April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. (53) On October 29, 2020 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/39. (54) On February 4, 2021 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/08. (55) On August 3, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30. (56) On August 5, 2021 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/36. (57) On November 9, 2021 by the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/56. (58) On January 25, 2022 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/70. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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