Fund Structure & Key Players
Understand the three-tier mutual fund structure in India — Sponsor, Trustee, and AMC — plus the roles of custodian, RTA, SEBI, and AMFI. Essential NISM exam knowledge.
Three-Tier Structure — Sponsor, Trustee, AMC
A mutual fund in India is constituted as a trust under the Indian Trusts Act, 1882, and is registered with SEBI under the SEBI (Mutual Funds) Regulati...
Role of the Sponsor & Trustee
The Sponsor is the entity that establishes the mutual fund trust, contributes a minimum of 40% of the net worth of the AMC, and must have at least 5 y...
Role of the AMC (Asset Management Company)
The Asset Management Company (AMC) is the entity appointed by the Trustee, with the approval of SEBI, to manage the mutual fund's investments. The AMC...
Role of Custodian, RTA & Auditor
The Custodian is a SEBI-registered entity that holds the securities (stocks, bonds, government securities) in the mutual fund's portfolio in safekeepi...
Role of SEBI — The Regulator
The Securities and Exchange Board of India (SEBI) is the statutory regulator of the entire mutual fund industry in India, established under the SEBI A...
Role of AMFI — Industry Association & ARN
AMFI (Association of Mutual Funds in India) is the industry body representing all SEBI-registered Asset Management Companies. AMFI is NOT a regulator ...
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