6:30 AM
SAT allows appeal against SEBI order for MF distributors
THESecurities Appellate Tribunal (SAT) on Wednesday admitted Financial Planning Supervisory Foundation's plea against in-principle approval given by SEBI 10 IMF! for a self-regulatory organisation for mutual fund distributors. Financial Planning Supervisory Foundation, promoted by Financial Planning Standards Board India (FPSB). was one of the applicants for setting up this SRO, but it was IMFI which got the go-ahead earlier in February.
Aggrieved by SEBI's decision, Financial Planning Supervisory Foundation had approached the Tribunal. The Securities and Exchange Board of India (SEBI) sought time from the tribunal to file its reply in the case. The Tribunal admitted the appeal against the SEBI and IMFI Institute of Mutual Fund Intermediaries).
IMFI has been promoted by mutual fund industry body AMFI (Association of Mutual Funds in India). AMFI is a grouping of all fund houses in the country and i( is also entrusted with the responsibility of distributor registrations.
The SRO will assist SEBI and AMFI in regulating fund distributors and ensuring a cordial relationship with mutual fund houses.
Aggrieved by SEBI's decision, Financial Planning Supervisory Foundation had approached the Tribunal. The Securities and Exchange Board of India (SEBI) sought time from the tribunal to file its reply in the case. The Tribunal admitted the appeal against the SEBI and IMFI Institute of Mutual Fund Intermediaries).
IMFI has been promoted by mutual fund industry body AMFI (Association of Mutual Funds in India). AMFI is a grouping of all fund houses in the country and i( is also entrusted with the responsibility of distributor registrations.
The SRO will assist SEBI and AMFI in regulating fund distributors and ensuring a cordial relationship with mutual fund houses.
Posted in: News 2014
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