Question
The Securities and Exchange Board of India (SEBI) has
opened the doors for asset management companies (AMCs) to become 'self-sponsored', while adding to the responsibilities of their trustees. Any AMC willing to become self-sponsored should have positive net worth and minimum ______ net profit in all of the previous five years.Solution
The Securities and Exchange Board of India (SEBI) has opened the doors for asset management companies (AMCs) to become 'self-sponsored', while adding to the responsibilities of their trustees. The regulator also released the framework for the 'Unit Holder Protection Committee'(UHPC).  Any AMC willing to become self-sponsored should have had at least five years of experience in the financial services industry with strong financials — positive net worth and minimum Rs 10 crore net profit in all of the previous five years. Moreover, the sponsor planning to move out should have been a sponsor for at least 5 years. The dis-associating sponsor will have to mandatorily bring down the shareholding to below 10 percent within five years in the case of listed AMCs and three years in the case of unlisted ones.   At present, any entity that owns 40 per cent or more stake in a mutual fund is considered a sponsor. The regulation will come into force from August 1, 2023.
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