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Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

Mutual Funds in India are governed by the SEBI (Mutual Fund) Regulations 1996 as amended from time to time. The contents of the act are discussed as hereunder:

Chapter I: Preliminary
  1. Short title, application and commencement
  2. Definitions
Chapter II: Registration of Mutual Fund
  1. Application for registration
  2. Application fee to accompany the application
  3. Application to conform to the requirements
  4. Furnishing information
  5. Eligibility criteria
  6. Consideration of application
  7. Grant of Certificate of Registration
  8. Terms and conditions of registration
  9. Rejection of application
  10. Payment of service fee
  11. Failure to pay service fee
Chapter III: Constitution and Management of Mutual Fund and Operation of Trustees, etc.
  1. Trust Deed to be registered under the Registration Act
  2. Contents of trust deed
  3. Disqualification from being appointed as trustees
  4. Approval of the Board for appointment of trustee
  5. Rights and obligations of the trustees
Chapter IV: Constitution and Management of Asset Management Company and Custodian
  1. Application by an asset management company
  2. Appointment of an asset management company
  3. Eligibility criteria for appointment of Asset Management Company
  4. Terms and conditions to be complied with
  5. Procedure where approval is not granted
  6. Restrictions on business activities of the asset management company
  7. Asset Management Company and its obligations
  8. Appointment of Custodian
  9. Agreement with Custodian
Chapter V: Schemes of Mutual Fund
  1. Procedure for launching of schemes
  2. Disclosures in the offer document   [2A.  Nomination]
  3. Advertisement material
  4. Misleading statements
  5. Listing of close ended schemes
  6. Repurchase of close ended schemes
  7. Offering Period
  8. Allotment of Units and refunds of moneys
  9. Unit certificates or Statement of Accounts
  10. Transfer of units
  11. Guaranteed returns
  12. Winding up
  13. Effect of winding up
  14. Procedure and Manner of winding up
  15. Winding up of the scheme
Chapter VI: Investment Objectives and Valuation Policies
  1. Investment objective
  2. Investment, borrowing, restriction, etc.
  3. Option Trading, etc.
  4. Underwriting of Securities
  5. Method of valuation of investments
  6. Computation of Net Asset Value
  7. Pricing of Units
Chapter VII: General Obligations
  1. To maintain proper books of accounts and records, etc.
  2. Financial year
  3. Limitation on fees and expenses on issue of schemes
  4. Dispatch of warrants and proceeds
  5. Annual Report 55. Auditor's Report
  6. Mailing of Annual Report and summary thereof
  7. Annual Report to be forwarded to the Board
  8. Periodic and continual disclosures
  9. Half Yearly disclosures
  10. Disclosures to the investors
Chapter VIII: Inspection and Audit
  1. Board 's right to inspect and investigation
  2. Notice before inspection and investigation
  3. Obligation on inspection and investigation
  4. Submission of report to the Board
  5. Action on inspection or investigation report
  6. Appointment of Auditor
  7. Payment of inspection fees to the Board
Chapter IX: Procedure for Action in Case of Default
  1. Liability for action in case of default
  2. [Deleted]
  3. [Deleted]
  4. [Deleted]
  5. [Deleted]
  6. [Deleted]
  7. [Deleted]
  8. Action against intermediaries
  9. Adjudication etc.
Chapter X: Miscellaneous
  1. Power of Board to issue clarifications
  2. Repeal and saving
Schedule I: Forms
     Form A - Application for the Grant of Registration of Mutual Fund
     Form B - Certificate of Registration
     Form C - Trusteeship of the Mutual Fund
     Form D - Asset Management Company
Schedule II: Fees
Schedule III: Contents of the Trust Deed
Schedule IV: Contents of the Investment Agreement
Schedule V: Code of Conduct
Schedule VI: Advertisement Code
Schedule VII: Restrictions on Investments
Schedule VIII: Investment Valuation Norms
Schedule IX: Accounting Policies and Standards
Schedule X: Initial Issue Expenses
Schedule XI: Annual Report
Schedule XII: Half-Yearly Financial Results
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