The Securities and Exchange Board of India — the statutory regulator for India's capital markets, including all mutual funds and AMCs.
SEBI (Securities and Exchange Board of India) was established under the SEBI Act, 1992. It regulates securities markets to protect investor interests, promote market development, and ensure orderly functioning. All mutual funds, AMCs, and intermediaries operate under SEBI's regulatory framework.
SEBI is to capital markets what RBI is to banks. Every mutual fund house must register with SEBI, every new scheme needs SEBI approval, and every investor protection rule flows from SEBI. If an investment product isn't SEBI-registered, treat it as a serious red flag.
SEBI issues regulations for AMC registration, scheme categorisation, expense ratio caps, disclosure norms, and grievance redressal.
SEBI's 2017 mutual fund categorisation circular standardised fund mandates and categories across all AMCs.
Investor complaints against AMCs can be filed on SCORES (SEBI Complaints Redress System) at scores.sebi.gov.in.
SEBI reviews and updates regulations periodically — expense caps, NAV cut-off times, and taxation rules have all been revised.