Capital markets regulator Sebi on Thursday came out with the disclosure framework for asset management companies, mandating a scheme-wise disclosure of investments in securities of entities that are excluded from the definition of “associate”.
This came after Sebi, earlier this month, amended mutual fund rules to remove the applicability of the definition of “associate” to sponsors that invest in various companies on behalf of the beneficiaries of insurance policies or such other schemes.
Under the rules, associate includes a person who directly or indirectly, by himself, or in combination with relatives, exercises control over the AMC or the trustee, among others.
As part of the new framework, asset management companies (AMCs) will have to make scheme-wise disclosure of investments, as on the last day of each quarter, in securities of such entities that are excluded from the definition of “associate”, the Securities and Exchange Board of India (Sebi) said in a circular.
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