Mutual Fund Regulations
The Indian mutual fund industry witnessed robust growth and stricter regulation from SEBI since 1996. The mobilisation of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. Safeguarding the interests of invetors is one of the duties of SEBI. Consequantly, SEBI (Mutual Funds) Regulations, 1996 and certain other guidelines have been issued by SEBI that sets uniform standards for all mutual funds in India.
SEBI (Mutual Funds) Regulations
AMFI Codes and Guidelines
The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canbank Mutual Fund, LIC Mutual Fund, Indian Bank Muatual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share.
||Codes of ethics to be followed by the members/mutual fund companies
||Regulatory framework along with a code of conduct for intermediaries like individual agents, brokers, distribution houses and banks engaged in selling of mutual fund products