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PW NewsDesk
SEBI relaxes KYD norms for overseas mutual fund distributors
In order to remove the entry barriers for getting foreign investments, market regulator SEBI has done away with know your distributor (KYD) norms for overseas mutual fund distributors. It has also said that overseas mutual fund distributors need not pass the NISM certification for selling mutual funds. SEBI has stated that AMCs are required to ensure that distributors are compliant with extant laws where they operate at the time of empanelling them. SEBI has written to AMFI on July 5, 2012 advising it not to insist on KYD for overseas distributors. However, the overseas distributors have to comply with the extant laws of jurisdictions where they carry out their operations.
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