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Business Market 02 Apr 2019 Sebi suggests self-r ...

Sebi suggests self-regulatory body for mutual fund distributors

DECCAN CHRONICLE. | ASHWIN J PUNNEN
Published Apr 2, 2019, 1:17 am IST
Updated Apr 2, 2019, 1:17 am IST
Disputes between fund houses and distributors would be governed by contractual obligations, says Sebi.
Sebi is seeking comments by April 21 on the proposal to amend the SRO regulations for defining them, simplifying the process of recognition and strengthening their role in the securities market.
 Sebi is seeking comments by April 21 on the proposal to amend the SRO regulations for defining them, simplifying the process of recognition and strengthening their role in the securities market.

Mumbai: The markets regulator Sebi on Monday issued a discussion paper for setting up a self-regulator for mutual fund distributors and advisors.

The self-regulatory organisation (SRO), according to the discussion papers, would have powers to expel, suspend and impose a non-monetary penalty on distributors and advisors if they indulged in malpractices such as mis-selling of mutual fund schemes or churning of portfolio.

 

The self-regulatory organisation would be required to lay down the code of conduct for both the distributor and advisors, resolve disputes between members and between investors and distributors.

Disputes between fund houses and distributors would be governed by contractual obligations, Sebi said.

Sebi is seeking comments by April 21 on the proposal to amend the SRO regulations for defining them, simplifying the process of recognition and strengthening their role in the securities market.

Sebi proposes to amend the definition of SRO to mean an organisation of intermediaries or an entity promoted by a stock exchange, as may be recognised by the board. At its board meet on March 27, Sebi had approved floating of such a consultation paper.

At present, the fund houses are responsible towards the code of conduct of mutual fund distributors that are empanelled with them.

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