Circular regarding Maintenance of current accounts in multiple banks by mutual funds (dated – 04.08.2021) – SEBI
View PdfCircular regarding Maintenance of current accounts in multiple banks by mutual funds (dated – 04.08.2021) – SEBI
- Based on the request of mutual fund industry, it is clarified that mutual funds should maintain current accounts in an appropriate number of banks for the purpose of receiving subscription amount and for payment of redemption / dividend / brokerage / commission etc. to facilitate financial inclusion, convenience of investors and ease of doing business.
- This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of regulations 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
