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SEBI requests SC to allow them to start afresh on SRO for MF distributors

SEBI has requested the Supreme Court to allow them to start afresh the appointment on self regulatory organization (SRO) of mutual fund distributors. The court has reportedly asked the market regulator to submit an application explaining to them why there is a need to introduce an SRO for the mutual fund distributors. In the latest hearing on September 20, the apex court said, “SEBI would like to proceed in the matter afresh in view of the period of time that has elapsed in the meantime (three years) and many other entities have become eligible in the meantime. The SEBI is permitted to bring the aforesaid developments on record and file an application with the aforesaid prayer(s), which would be considered once such an application is filed. Registry is directed to list the application immediately after such an application is filed.” As the name suggests, SRO or self regulatory organisation for mutual fund distributors will be responsible for micro-regulations of its members (MF distributors). The SRO will spread awareness about mutual funds among people, educate and train distributors and conduct screening test for them.

Source: Wise Money dated 2 - 5 October 2017

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