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Date: 2022-11-16 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

Okay, I will analyze the provided text and generate the policy analysis report as requested, focusing on the information contained within the text itself and tailoring the "Key Provisions" section to the fact that this is an amendment. **Policy Analysis Report: Securities and Exchange Board of India Mutual Funds Third Amendment Regulations, 2022** **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Mutual Funds Third Amendment Regulations, 2022. The core purpose of this amendment is to revise regulations pertaining to the transfer of dividend and redemption proceeds to unitholders by mutual funds and asset management companies. The key change mandates timely transfer of these proceeds, introduces interest penalties for delays, and restricts physical dispatch of proceeds to exceptional circumstances. **2. Introduction:** This report provides an overview and analysis of the Securities and Exchange Board of India Mutual Funds Third Amendment Regulations, 2022, based solely on the text provided in the official notification. The aim is 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:** As inferred from the text, the core objective of this amendment is to ensure timely and efficient transfer of dividend and redemption/repurchase proceeds to unitholders of mutual funds, thereby protecting investor interests. **4. Background and Rationale:** This amendment appears to address potential issues related to delays in the transfer of dividend and redemption/repurchase proceeds to unitholders. The original regulations may have lacked sufficient provisions or enforcement mechanisms to guarantee timely transfers. The addition of interest penalties for delays suggests an intention to incentivize asset management companies to prioritize timely payments and improve investor experience. The restriction on physical dispatch also suggests a move towards more efficient and trackable electronic transfer methods, except in exceptional circumstances. **5. Key Provisions / Changes:** This section details the changes introduced by the Third Amendment Regulations, 2022, specifically focusing on Regulation 53: * **Original Policy Section Being Changed:** Regulation 53 of the Securities and Exchange Board of India Mutual Funds Regulations, 1996, is being entirely substituted. * **New Rule/Provision:** The new Regulation 53 establishes the following: * Mutual funds and asset management companies *shall* transfer dividend payments to unitholders within a period specified by the Board. * Mutual funds and asset management companies *shall* transfer redemption or repurchase proceeds to unitholders within a period specified by the Board. * Failure to transfer redemption or repurchase proceeds or dividend payments within the specified period will result in the asset management company being *liable to pay interest* to the unitholders at a rate specified by the Board for the duration of the delay. * Even after paying interest for delays, the asset management company *may still be subject to further action* for failing to transfer the proceeds or dividend payments within the stipulated time. * Physical dispatch of redemption or repurchase proceeds or dividend payments should only occur in exceptional circumstances, and asset management companies must maintain records and reasons for all such physical dispatches. * **Difference/Effect of the Change:** * The original Regulation 53 (which is not provided) is being replaced with a more specific and stringent framework. * The amendment *explicitly mandates* timely transfers, where the old rule perhaps implied it. * It introduces a *financial penalty* (interest payment) for delays, creating a direct disincentive for non-compliance. * It *limits* the use of physical dispatch, pushing towards electronic transfers for efficiency. * The added provision allowing for further action against the asset management company, even after the interest payment is made, adds another layer of incentive for compliance. **6. Target Audience and Stakeholders:** Based on the text, the primary target audience and stakeholders directly affected by these changes are: * Unitholders (investors) of mutual funds. * Mutual funds. * Asset Management Companies (AMCs). * The Securities and Exchange Board of India (SEBI) itself, in terms of its regulatory and enforcement role. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the primary body responsible for overseeing and enforcing these regulations. Asset Management Companies are responsible for implementing the changes. * **Timelines/Procedures:** The amendment comes into force on the sixtieth day from the date of its publication in the Official Gazette. The exact timelines for transferring dividend and redemption proceeds are to be specified by the Board (SEBI) at a later time. AMCs must maintain records and justifications for any physical despatches made. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these specific changes are: * **Reduced delays in the transfer of dividend and redemption proceeds to unitholders.** The financial penalties and potential for further action should incentivize AMCs to improve their processes. * **Increased transparency and accountability in the transfer process.** The record-keeping requirement for physical despatches enhances auditability. * **Greater investor confidence in the mutual fund industry.** Timely payments and efficient processes contribute to a more positive investor experience. * **Increased use of electronic transfer methods.** By restricting physical dispatch, the amendment promotes more efficient and trackable electronic transactions. **9. Conclusion:** The Securities and Exchange Board of India Mutual Funds Third Amendment Regulations, 2022, represent a significant step towards ensuring timely and efficient transfer of dividend and redemption proceeds to mutual fund unitholders. By mandating strict timelines, introducing financial penalties for delays, and promoting electronic transfers, SEBI aims to enhance investor protection and promote a more reliable and transparent mutual fund industry. The amendment's significance lies in its potential to improve investor confidence and drive greater efficiency in mutual fund operations.

Key Entities Referenced

SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities and commodity market in India. Mumbai: City in Maharashtra, India; location of SEBI. Securities and Exchange Board of India Act, 1992: Act of the Indian Parliament establishing the powers and functions of SEBI. Securities and Exchange Board of India Mutual Funds Regulations, 1996: Regulations pertaining to the operation and management of mutual funds in India, as governed by SEBI. Securities Appellate Tribunal: A statutory tribunal to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India Madhabi Puri Buch: Chairman of the Securities and Exchange Board of India. Government of India Press, Ring Road, Mayapuri, New Delhi: Printing press of the Indian government, located in Delhi. Controller of Publications, Delhi: Government entity responsible for publishing documents, located in Delhi. Securities and Exchange Board of India Mutual Funds Third Amendment Regulations, 2022: Amendment to the Securities and Exchange Board of India Mutual Funds Regulations, 1996. Asset Management Company: Financial services company that operates mutual funds or pooled investment funds for retail or institutional investors
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एxलxx.G-अID.E-1x6xx1 12022-240315 CG-DL-E-16112022-240315 ऄसाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 585] नइ ददल्ली, ब धिार, निम्ब र 16, 2022/कार्ततक 25, 1944 No. 585] NEW DELHI, WEDNESDAY, NOVEMBER 16, 2022/KARTIKA 25, 1944 भारतीय प्रजतभजू त और जिजनमय बोडड ऄजधसचू ना म ंबइ, 15 निम् बर, 2022 भारतीय प्रजतभजू त और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा सिं ोधन) जिजनयम, 2022 सेबी/एल.ए.डी.—एन.अर.ओ./ िी.एन./ 2022/106.— बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड ऄजधजनयम, 1992 (1992 का 15) की धारा 11 की ईप-धारा (2) के खंड (ग) के साथ परित धारा 30 द्वारा प्रदान की गइ ि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,ै ऄथाडत ् – 1. आन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2022 कहा िा सकेगा । 2. ये जिजनयम रािपत्र में आनके प्रकािन की तारीख से साििें ददन लागू होंग े । 3. भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) जिजनयम, 1996 म,ें– I. जिजनयम 53 के स्ट्थान पर जनम्नजलजखत जिजनयम अ िाएगा, ऄथाडत,् - “लाभािं की रकम और ररडेंप्‍् न (मोचन) की रकम का ऄतं रण (रांसफर) 53. प्रत्येक म्यूच ऄल फंड (पारस्ट्पररक जनजध) और अजस्ट्त प्रबंध कंपनी (ऄसेट मैनेिमेंट कंपनी), (क) यूजनटधारकों को लाभांि (जडजिडेंड) की रकम का ऄतं रण (रांसफर) ईस ऄिजध के भीतर करेगी, िो बोड ड द्वारा समय-समय पर जनधाडररत की िाए; 7603 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (ख) यूजनटधारकों को ररडेंप्‍िन (मोचन) या प नःक्रय की रकम (रीपचेि प्रोसीड्स) का ऄंतरण ईस ऄिजध के भीतर करेगी, िो बोड डद्वारा समय-समय पर जनधाडररत की िाए; (ग) खंड (क) और खंड (ख) में जनधाडररत की गइ ऄिजध के भीतर ररडेंप्‍िन (मोचन) या प नःक्रय की रकम (रीपचेि प्रोसीड्स) या लाभांि (जडजिडेंड) की रकम का ऄतं रण न कर पाने पर, अजस्ट्त प्रबंध कंपनी को आस प्रकार जितनी ऄिजध की देरी हुइ हो ईतनी ऄिजध के जलए ईस दर से यूजनटधारकों को ब्याि ऄदा करना होगा, िो बोड डद्वारा जनधाडररत की िाए; (घ) खंड (ग) के तहत यूजनटधारकों को आस प्रकार ब्याि ऄदा दकए िाने के बाििूद भी, जनधाडररत की गइ समयािजध के भीतर ररडेंप्‍िन (मोचन) या प नःक्रय की रकम (रीपचेि प्रोसीड्स) या लाभांि (जडजिडेंड) की रकम का ऄंतरण न कर पाने के जलए अजस्ट्त प्रबंध कंपनी के जखलाफ कारडिाइ की िा सकेगी: परंत यह दक ररडेंप्‍िन (मोचन) या पन ःक्रय की रकम (रीपचिे प्रोसीड्स) या लाभांि (जडजिडेंड) की रकम का भ गतान ऄसाधारण पररजस्ट्थजतयों में ही ऑनलाआन करने की िगह दकसी ऄन्य माध्यम से दकया िाएगा, और अजस्ट्त प्रबंध कंपजनयों को आस प्रकार दकए गए सभी भ गतानों का ररकॉड ड रखना होगा और ररकॉड ड में यह भी दि ड करना होगा दक भ गतान आस प्रकार ऑनलाआन करने की िगह दकसी ऄन्य माध्यम से क्यों दकए गए ह ैं ।” माधबी प री ब च, ऄध्यक्ष [जिज्ञापन-III/4/ऄसा./405/2022-23] पाद रटप्‍पण : 1. भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) जिजनयम, 1996, मूल जिजनयम, का.अ. सं. 856(ऄ), 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 ऄप्रैल 1997 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 1997, का.अ. स.ं 327 (ऄ), द्वारा (2) 12 िनिरी 1998 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 1998, का.अ. स.ं 32 (ऄ), द्वारा (3) 8 ददसम्बर 1999 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 1999, का.अ. स.ं 1223 (ऄ), द्वारा (4) 14 माच ड 2000 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2000, का.अ. स.ं 235 (ऄ), द्वारा (5) 28 माच ड 2000 को भारतीय प्रजतभूजत और जिजनमय बोड ड (प्रजतभूजत ऄपीलीय न्यायाजधकरण को ऄपील) (संिोधन) जिजनयम, 2000, का.अ. स.ं 278 (ऄ), द्वारा (6) 22 मइ 2000 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2000, का.अ. स.ं 484 (ऄ), द्वारा (7) 23 िनिरी 2001 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2001, का.अ. स.ं 69 (ऄ), द्वारा (8) 29 मइ 2001 को भारतीय प्रजतभूजत और जिजनमय बोडड (मध्यिर्ततयों द्वारा जिजनधान सलाह) (संिोधन) जिजनयम, 2001, का.अ. स.ं 476 (ऄ), द्वारा (9) 23 ि लाइ 2001 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2001, का.अ. स.ं 698 (ऄ), द्वारा (10) 20 फरिरी 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2002, का.अ. स.ं 219 (ऄ), द्वारा (11) 11 िून 2002 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2002, का.अ. स.ं 625 (ऄ), द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : ऄसाधारण 3 (12) 30 ि लाइ 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2002, का.अ. स.ं 809 (ऄ), द्वारा (13) 9 जसतम्बर 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (चौथा संिोधन) जिजनयम, 2002, का.अ. स.ं 956 (ऄ), द्वारा (14) 27 जसतम्बर 2002 को भारतीय प्रजतभूजत और जिजनमय बोडड (िांच ऄजधकारी द्वारा िांच करन े और िाजस्ट्त ऄजधरोजपत करन े के जलए प्रदक्रया) जिजनयम, 2002, का.अ. स.ं 1045 (ऄ), द्वारा (15) 29 मइ 2003 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2003, का.अ. स.ं 632 (ऄ), द्वारा (16) 12 िनिरी 2004 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2004, फा.स.ं भाप्रजिबो/जिकाजि/नीप्र/4/2004, द्वारा (17) 10 माच ड 2004 को भारतीय प्रजतभूजत और जिजनमय बोड ड (ईपय ि तथा ईजचत व्यजि के जलए मानदंड) जिजनयम, 2004, का.अ. स.ं 398 (ऄ), द्वारा (18) 12 िनिरी 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2006, का.अ. स.ं 38(ऄ), द्वारा (19) 22 मइ 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2006, का.अ. स.ं 783(ऄ), द्वारा (20) 3 ऄगस्ट्त 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2006, का.अ. स.ं 1254(ऄ), द्वारा (21) 27 ददसम्बर 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (चौथा संिोधन) जिजनयम, 2006, फा. सं. भाप्रजिबो/जिकाजि/नीप्र/82534/2006, द्वारा (22) 27 ददसम्बर 2006 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (पााँचिााँ संिोधन) जिजनयम, 2006, फा. स.ं भाप्रजिबो/जिकाजि/नीप्र/83065/2006, द्वारा (23) 28 मइ 2007 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2007, फा. स.ं 11/एलसी/िीएन/2007/2518, द्वारा (24) 31 ऄिूबर 2007 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2007, फा. सं. 11/एलसी/िीएन/2007/4646, द्वारा (25) 31 माच ड 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का संदाय) (संिोधन) जिजनयम, 2008,फा.सं.11/एलसी/िीएन/2008/21669, द्वारा (26) 16 ऄप्रलै 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2008, फा. सं.एलएिी-एनअरओ/िीएन/2008/03/123042, द्वारा (27) 22 मइ 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (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-एनअरओ/िीएन/2008/24/ 139426, द्वारा (29) 8 ऄप्रलै 2009 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2009, स.ं एल.ए.डी.-एन.अर.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.अर.ओ./िी.एन./2009-10/07/165404, द्वारा (31) 29 ि लाइ 2010 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2010, स.ं एलएडी-एनअरओ/िीएन/2010-11/13/13945, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (32) 30 ऄगस्ट्त 2011 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2011, फा. सं. एल.ए.डी.-एन.अर.ओ./िी.एन./2011-12/22/27668, द्वारा (33) 21 फरिरी 2012 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2012, स.ं एलएडी-एनअरओ/िीएन/2011-12/38/4290, द्वारा (34) 26 जसतम्बर 2012 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2012, स.ं एल.ए.डी.-एन.अर.ओ./िी.एन./2012-13/17/21502, द्वारा (35) 16 ऄप्रैल 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2013, स.ं एल.ए.डी.-एन.अर.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.अर.ओ./िी.एन./2013-14/12/6108, द्वारा (37) 19 ऄगस्ट्त 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2013, स.ं एल.ए.डी.-एन.अर.ओ./िी.एन./2013-14/18/6384, द्वारा (38) 6 मइ 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2014, स.ं एलएडी/एनअरओ/िीएन/2014-15/01/1039, द्वारा (39) 23 मइ 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का संदाय) (संिोधन) जिजनयम, 2014, स.ं एल.ए.डी.-एन.अर.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.अर.ओ./िी.एन./2014-15/19/ 1973, द्वारा (41) 15 मइ 2015 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2015, स.ं सेबी- एन.अर.ओ./ओ.अइ.ए.आ./िी.एन./2015-16/005, द्वारा (42) 12 फरिरी 2016 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2016, स.ं सेबी/एल.ए.डी.एन.अर.ओ./िी.एन./2015-16/034, द्वारा (43) 15 फरिरी 2017 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2017, स.ं सेबी/एल.ए.डी.-एन.अर.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.अर.ओ./िी.एन./2018/02, द्वारा (45) 30 मइ 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2018/14, द्वारा (46) 6 ददसम्बर 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2018, स.ं सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2018/50, द्वारा (47) 13 ददसम्बर 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (चौथा संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2018/51, द्वारा (48) 1 िनिरी 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड (प्रजतभूजत ऄजभरक्षक) (संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2019/01, द्वारा (49) 26 ऄप्रैल 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2019/011, द्वारा (50) 23 जसतम्बर 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.अर.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.अर.ओ./िी.एन./2020/07, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : ऄसाधारण 5 (52) 17 ऄप्रलै , 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एनअरओ/िीएन/2020/10, द्वारा (53) 29 ऄिूबर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2020/39, द्वारा (54) 4 फरिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (संिोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2021/08, द्वारा (55) 3 ऄगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2021, स.ं सेबी/एलएडी-एनअरओ/िीएन/2021/30, द्वारा (56) 5 ऄगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनअरओ/िीएन/2021/36, द्वारा (57) 9 निम्बर, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (तीसरा संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनअरओ/िी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.अर.ओ./िी.एन./2022/70, द्वारा (59) 3 ऄगस्ट्त, 2022 को भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) (दसू रा संिोधन) जिजनयम, 2022, सं. सेबी/एल.ए.डी.-एन.अर.ओ./िी.एन./2022/92, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 15th November, 2022 SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (THIRD AMENDMENT) REGULATIONS, 2022 SEBI/LAD-NRO/GN/2022/106.—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) (Third Amendment) Regulations, 2022. 2. They shall come into force on the sixtieth day from the date of publication of these regulations in the Official Gazette. 3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, – I Regulation 53 shall be substituted with the following regulation, namely, – “Transfer of dividend and redemption proceeds 53. Every mutual fund and asset management company shall, (a) transfer to the unitholders the dividend payments within such period as may be specified by the Board from time to time; (b) transfer to the unitholders the redemption or repurchase proceeds within such period as may be specified by the Board from time to time; (c) in the event of failure to transfer the redemption or repurchase proceeds or dividend payments within the period specified in clauses (a) and (b), the asset management company shall be liable to pay interest to the unitholders at such rate as may be specified by the Board for the period of such delay;6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (d) notwithstanding payment of such interest to the unit-holders under clause (c), the asset management company may be liable for action for failure to transfer the redemption or repurchase proceeds or dividend payments within the stipulated time: Provided that physical despatch of redemption or repurchase proceeds or dividend payments shall be carried out only in exceptional circumstances and asset management companies shall be required to maintain records along with reasons for all such physical despatches.” MADHABI PURI BUCH, Chairman [ADVT.-III/4/Exty./405/2022-23] 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 : ऄसाधारण 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. (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/2016-17/031.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (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. (59) On August 3, 2022 by the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/92. 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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