SEBI to appoint Self Regulatory Organisation soon

India Infoline News Service | Mumbai |

However, no specific time-frame is provided for the same.

Market regulator SEBI (Securities and Exchange Board of India) will soon appoint a Self Regulatory Organisation (SRO) for mutual fund distributors, according to a media report.
However, no specific time-frame is provided for the same.

SEBI will select one of three entities as SRO. The three organizations include Institute of Mutual Fund Intermediaries (IMFI), Organisation of Financial Distributors (OFD) and Financial Planning Standards Board India (FPSB), the report added.

An SRO means an organisation of intermediaries which represents a particular segment of securities market and which is duly recognised by SEBI but excludes a stock exchange. An SRO is responsible for investor protection and education of investors and ensures observance of securities laws by its members.

The members of SRO have to follow a standard code of conduct. An SRO conducts inspection and audit of its members on regular basis through independent auditors. An SRO must work in utmost good faith and must comply with the norms of corporate governance as applicable to listed companies.


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