Capital markets regulator Sebi on Wednesday made the nomination optional for jointly-held mutual fund accounts in a bid to promote ease of doing business.
Additionally, Sebi allowed fund houses to have a single fund manager to oversee commodity and foreign investments. This would reduce the cost of managing the fund.
These came after a working group constituted by Sebi reviewed mutual fund regulations and recommended measures to promote the ease of doing business.
Based on the recommendation of the working group, a public consultation was carried out suggesting the option to make joint mutual fund account nominations optional and permitting fund houses to have a single fund manager to oversee commodity and foreign investments.
“Accordingly, it has been decided that the requirement of nomination ….for mutual funds shall be optional for jointly held mutual fund folios,” the Securities and Exchange Board of India (Sebi) said in a circular.
Experts believe that the relaxation of …
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