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To strengthen the regulatory framework for collective investment schemes, markets regulator Sebi has enhanced the net worth criteria and track record requirements for entities managing such schemes. Also, the regulator has mandated a minimum of 20 investors and a subscription amount of at least Rs 20 crore for each Collective Investment Scheme (CIS), according to a notification on Tuesday. Currently, CIS rules do not mandate minimum number of investors, maximum holding of a single investor or minimum subscription amount. In addition, the regulator has put a cap on cross-shareholding in Collective Investment Management Company (CIMC) to 10 per cent to avoid conflict of interest . To give this effect, the Securities and Exchange Board of India (Sebi) has amended CIS regulations. The rules, first notified in 1999, have not been reviewed since then. The move comes after the board of Sebi approved a proposal in this regard in its board meeting in March. The new rule is aimed at ...