Mutual Funds in India is Regulated by which of the following Bodies/Organizations?
Securities Exchange Board of India
All mutual funds in India today are regulated by Securities Exchange Board of India short for (SEBI). SEBI formulates policies and regulates the interest of the investors. SEBI notified regulations for the mutual funds in 1993 which were revised in 1996.
The Securities and Exchange board of India Act, 1992, which extends to the whole of India. It shall be deemed to have come into force on the 30th day of January 1992.
Definition of SEBI (1) In this Act, unless the context otherwise requires, –
(a) “Board” means the Securities and Exchange Board of India established under section 3;
(b) “Chairman” means the Chairman of the Board;
(ba) “collective investment scheme” means any scheme or arrangement which satisfies the conditions specified in Section 11AA;]
(c) “existing Securities and Exchange Board” means the Securities and Exchange Board of India constituted under the Resolution of the Government of India in the Department of Economic Affairs No.1 (44)SE/86, dated the 12th day of April, 1988;
(d) “Fund” means the Fund constituted under Section 14;
(e) “member” means a member of the Board and includes the Chairman;
(f) “notification” means a notification published in the Official Gazette;
(g) “prescribed” means prescribed by rules made under this Act;
(h) “regulations” means the regulations made by the Board under this Act;
(ha) “Reserve Bank” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934(2 of 1934);]
(i) “securities” has the meaning assigned to it in section 2 of the Securities Contracts (Regulation) Act,1956 (42 of 1956).
[(2) Words and expressions used and not defined in this Act, but defined in the Securities Contracts (Regulation) Act, 1956(42 of 1956), [or the Depositories Act, 1996], shall have the meanings respectively assigned to them in that Act.]