False Sense Of Security

As per the Securities Contracts (Regulation) Act, units of UTI and mutual funds are not securities

Units of UTI and mutual funds have normally been regarded as securities by the general public. However, this is not so and I would like to thank Jamshed S Balsara of Mumbai for drawing my attention to this lacuna.

The Securities Contracts (Regulation) Act (SCRA), 1956, defines