Circular SEBI/HO/MRD/CIR/P/2010/1996 of the Securities and Exchange Board of India dated 28th December, 2010 on the management of a mutual fund [C1P-3VQ]

SEBI/HO/MRD/CIR/P/2010/1996

Securities and Exchange Board of India

Mumbai, dated the 28th December, 2010

CIRCULAR

To

All General Managers,

Subject: The management of a mutual fund by mutual funds under the Securities and Exchange Board of India Act, 1992, regarding.

This circular is issued in exercise of the powers conferred under section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market

1. References have been received seeking clarification on the manner in which section 9 applies to the management of a mutual fund by mutual funds.

2. The matter has been examined. Every mutual fund carrying on the management of a mutual fund shall make an application in Form G to the Clearing Corporation within fifteen days, accompanied by a fee of five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the management of a mutual fund is undertaken, and the Clearing Corporation shall dispose of it within fifteen days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.

(Chief General Manager)