The Securities and Exchange Board of India vide notification dated 10th May, 2022 has issued the Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022. The amendment provides that no Collective Investment Management Company or a promoter of a Collective Investment Management Company, their associates or group companies, through the schemes of the Collective Investment Management Company or otherwise, individually or collectively, directly or indirectly, have –
(a) Ten percent or more of the shareholding or voting rights in the Collective Investment Management Company or the trustee company of any other Collective Investment Management Company; or
(b) Representation on the board of the Collective Investment Management Company or the trustee company of any other Collective Investment Management Company.
