Compliance Test Report is submitted by AMC to SEBI on a quarterly basis.
Custodians, registered under SEBI (Custodian) Regulations, are appointed by the trustees to carry out the custodial services for the schemes of the mutual fund.
Custodians represent the only constituent not directly appointed by the AMC. Custodians should be independent of the sponsor. That is, a sponsor cannot be a custodian of the fund as well.
SEBI (MF) Regulations states that the following assets may be kept in the custody of a custodian : (i) Gold and gold related instruments, in case of a Gold ETF scheme. (ii) Title Deed of real estate assets held by Real Estate Mutual Fund (REMF) schemes. (iii) Underlying goods of the exchange traded commodity derivatives (physical settlement) wherein mutual fund schemes have invested.
"Investment advice" is an advice relating to investing in, purchasing, selling or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written, oral or through any other means of communication for the benefit of the client and shall include financial planning.
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