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Meanwhile, capital markets regulator Sebi has come out with a disclosure framework for asset management firms, requiring disclosure of investments in securities to entities excluded from the “partner” definition.
This came after SEBI, earlier this month, amended mutual fund rules to remove the applicability of the definition of “associate” to sponsors who invest in various companies on behalf of recipients of insurance policies or other such schemes.
Under the Rules, an aide includes a person who exercises, directly or indirectly, by himself or in association with relatives, control of the AMC or the trustee, among others.
As part of the new framework, Asset Management Companies (AMCs) will have to disclose their investments as planned, as on the last day of each quarter, in the securities of these entities excluded from the definition of “partner”, the Securities and Exchange Board of India (SEBI) said. ) in a post.
Further, the investment disclosure will include the prudent value of the investment in the ISIN and the value as a percentage of assets under management (AUM) of the scheme.
Such disclosure will be made on the websites of the respective AMCs and on the website of the Association of Mutual Funds of India (AMFI), within one month of the closing of each quarter.
At present, there are 43 mutual fund houses, which together manage assets worth around Rs 38 crore.