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Mutual Funds and SEBI Regulations X. TO MAINTAIN PROPER BOOKS OF ACCOUNTS AND RECORDS, ETC.: (1) Every asset management company for each scheme shall keep and maintain proper books of accounts, records and documents, for each scheme so as to explain its transactions and to disclose at any point of time the financial position of each scheme and in particular give a true and fair view of the state of affairs of the fund and intimate to the Board the place where such books of accounts, records and documents are maintained. (2) Every asset management company shall maintain and preserve for a period of [eight] years its books of accounts, records and documents. (3) The asset management company shall follow the accounting policies and standards as specified in Ninth Schedule so as to provide appropriate details of the scheme wise disposition of the assets of the fund at the relevant accounting date and the performance during that period together with information regarding distribution or accumulation of income accruing to the unit holder in a fair and true manner. XI. CONCLUSION: Mutual fund have three tier –structure; a sponsor, an asset management company and a trustee company. The board of director of the AMC and the board of the trustee company are the two key levels of check and balance to safeguard the interest of the investors. Periodic report–weekly and monthly have to be provided by the AMC to the trustee company and by both to SEBI .such a structure is also intended to keep the fund operations within the confines of the law. The SEBI has recently put up the report titled; reform of mutual fund industry prepared in association with A.F. Ferguson and company for public comments. In a press release SEBI pointed out that asean development bank on behalf of the finance government of India appointed a consultant to review the various aspects of the mutual fund industry in India. Inviting public comments /view report SEBI has noted that SEBI neither approves nor disapproves content accuracy of the report. The report noted that the ownership of Indian mutual fund is dominated by corporation which it is estimated account for between 60 to 80 % of the total value of assets under management .this has led to practice like dividend stripping or offering a favorable NAV pricing for instance that knew towards these investor s. as a result the turnover of mutual fund units has reached epic proportion. sales and redemption of units as a % of average NAV stands at 4.28 times compared to 0.38 ND 0.51 times for mutual fund in UK and US respectively .because of this the portfolio turnover of the scheme is high than portfolio turnover as a % of average NAV was more than 10 times in 2001-02 the highest being 14.65 times. The regulation governing mutual fund have been developed over time and are fairly comprehensive .this development has been through periodic amendments to the regulation themselves and also through a continuous series of notification and circulars issued by SEBI. There is thus no unified corpus of regulation that is easy to grasp. In the light of recommendation of mutual fund it seemed to make some appropriate to reconstruct the regulation as they would apply to AMCs, PTCs and to mutual fund themselves .each set should be designed to be comprehensive and classified clearly under various heads. Whenever a change is effected in order to meet new circumstances or to tighten investors protection then the relevant chapter should be replaced so that at all times the handbook is up to date and whatever guidance is required on all matters relating to compliance is available at once place. There should prepare a series of models and have reviewed key issues with SEBI. the some improvement in the regulation that committee felt that there were gaps or weaknesses or where the regulation to be brought up to best international standard .they have been drafted as if the detailed recommendation made had been accepted. In regulatory authority SEBI has built up its capability over a period of time and appear to be supervising the mutual fund as well as it can. Some recommendations are like this i. The AMC should be more directly supervised by SEBI as opposed to the significant reliance now placed on sponsor’s trustees. With the introduction of PTC –SEBI will need to supervise these as well. ii. iii. iv. A more hands –on approach to supervision should be adopted. A selective or risk based inspection routine should be adopted whereby the historically more compliant mutual fund are inspected less frequently than the less compliant smaller or newer mutual funds. Personnel with more hands on industry experience should ideally be recruited .if this proves difficulty then a system of secondment to the industry could be considered for SEBI personnel to acquire the hands –on experience . v. The system of job rotation followed by SEBI resulted in experienced personnel being moved into other areas .SEBI should try and see if long term career prospects can be achieved its executives by promote in within the same division . www.<strong>ijcer</strong>online.com ||May ||2013|| Page 26
REFERENCES Mutual Funds and SEBI Regulations [1] www.amfiindia.com [2] www.finance@indiaMATE.com [3] Mary Rowland,” The New Commonsense Guide to Mutual Fund”,pp-165-170,vision publication, delhi,1998 [4] www.sebi.gov.org [5] SEBI (Mutual Funds) Regulations, 1996. [6] Following clause "y" in regulation 2 was substituted by SEBI (Mutual Fund) (Amendment) Regulations, 1999 published in the Official Gazette of India dated 08.12.1999 [7] Regulation 7 of SEBI (Mutual Fund) Regulations, 1996. [8] Regulation 21of SEBI (Mutual Funds) Regulations, 1996. [9] Regulation 26 and Proviso inserted by the SEBI (Mutual Fund) (Amendment) Regulations, 2006, published in the Official Gazette dated 12.01.2006 [10] Regulation 26 0f SEBI (Mutual Fund) Regulations, 1996. [11] "sub-regulation (1) or" deleted by the SEBI (Mutual Fund) (Amendment) Regulations, 1998, published in the Official Gazette of India dated 12.01.1998 [12] Regulation 39 of SEBI (Mutual Fund) Regulations, 1996. [13] Substituted for "ten years" by SEBI (Mutual Fund) (Amendment) Regulations, 1998, published in the Official Gazette dated 12.01.1998. [14] Regulation 50 of SEBI (Mutual Fund) Regulations, 1996. Substituted for "ten years" by SEBI (Mutual Fund) (Amendment) Regulations, 1998, published in the Official Gazette dated 12.01.1998. www.<strong>ijcer</strong>online.com ||May ||2013|| Page 27
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Energy Based Routing Protocol for W
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International Journal of Computatio
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A comparative study of Broadcasting
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A comparative study of Broadcasting
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Recommendation Systems: a review Co
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