{"id":42045,"date":"2026-08-06T16:00:08","date_gmt":"2026-08-06T10:30:08","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=42045"},"modified":"2026-08-05T23:50:19","modified_gmt":"2026-08-05T18:20:19","slug":"who-regulates-the-mutual-funds-in-india","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/who-regulates-the-mutual-funds-in-india\/","title":{"rendered":"who regulates the mutual funds in india ?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-6a74c71a8df08\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-6a74c71a8df08\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/who-regulates-the-mutual-funds-in-india\/#sebi_the_main_regulator\" title=\"sebi. the main regulator\">sebi. the main regulator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/who-regulates-the-mutual-funds-in-india\/#amfi_the_industry_body\" title=\"amfi. the industry body\">amfi. the industry body<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/who-regulates-the-mutual-funds-in-india\/#how_they_work_together\" title=\"how they work together\">how they work together<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/who-regulates-the-mutual-funds-in-india\/#what_changed_in_2026\" title=\"what changed in 2026\">what changed in 2026<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/who-regulates-the-mutual-funds-in-india\/#frequently_asked_questions\" title=\"frequently asked questions\">frequently asked questions<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p class=\"ds-markdown-paragraph\"><span class=\"\"><a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> in india have two regulators. sebi is the main one. amfi is the industry body.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">the rules changed in 2026. the sebi <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> regulations, 2026 replaced the 1996 rules.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"sebi_the_main_regulator\"><\/span><strong><span class=\"\">sebi. the main regulator<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">sebi is the capital markets regulator. it regulates <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> under the sebi act, 1992.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">sebi does many things. registers <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> and amcs. approves new schemes. oversees trustees and custodians. enforces investment rules. monitors expenses and governance. investigates violations.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">what changed in 2026.<\/span><\/strong><span class=\"\">\u00a0the sebi <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> regulations, 2026 started from april 1, 2026. performance-linked fees are now allowed. disclosure rules are sharper. governance norms are stronger. a new &#8220;mutual fund lite&#8221; framework exists for passive products.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">the master circular for mutual funds was updated on march 20, 2026.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"amfi_the_industry_body\"><\/span><strong><span class=\"\">amfi. the industry body<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">amfi is the association of <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> in india. it started in 1995. it is a non-profit. all sebi-registered amcs are members. there are 44 registered members, including 42 amcs.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">sebi makes the rules. amfi helps implement them. amfi sets professional standards. promotes transparency. works with sebi, rbi, and the government. takes action against distributors who do not follow rules. protects investor interests.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">what amfi did in 2025-2026.<\/span><\/strong><span class=\"\">\u00a0launched a \u20b9250 sip for first-time investors. created mitra platform to trace forgotten <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual fund<\/a> holdings. started tarun yojana to teach financial literacy in schools.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_they_work_together\"><\/span><strong><span class=\"\">how they work together<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">sebi and amfi work together. sebi creates the framework. amfi ensures compliance. amfi also gives investors a single place to access daily navs and portfolio data.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">sebi&#8217;s framework is built on a trust structure. a mutual fund is a trust under the indian trusts act, 1882. the sponsor sets up the trust. the trustees oversee operations. the amc manages investments. the custodian holds the assets.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"what_changed_in_2026\"><\/span><strong><span class=\"\">what changed in 2026<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">scheme categorisation.<\/span><\/strong><span class=\"\">\u00a0<a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> are now in five groups. equity schemes. debt schemes. hybrid schemes. life cycle funds. other schemes.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">portfolio overlap limits.<\/span><\/strong><span class=\"\">\u00a0thematic and sectoral funds cannot have more than 50% overlap with other equity schemes. amcs have three years to comply.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">life cycle funds.<\/span><\/strong><span class=\"\">\u00a0these replaced solution-oriented schemes. they have a fixed maturity and a glide path for asset allocation. designed for goal-based investing.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"frequently_asked_questions\"><\/span><strong><span class=\"\">frequently asked questions<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">1. which regulator oversees <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual funds<\/a> in india ?<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">sebi is the primary regulator. amfi is the industry association.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">2. what is the role of amfi ?<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">amfi promotes standards, transparency, and investor awareness. it represents the industry before sebi and the government.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">3. what are the sebi mutual funds regulations, 2026 ?<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">they replaced the 1996 framework from april 1, 2026. they allow performance-linked fees, strengthen governance, and introduce new product categories.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">4. what are life cycle funds ?<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">open-ended funds with a fixed maturity and a glide path for asset allocation. designed for goal-based investing. replaced solution-oriented schemes.<\/span><\/p>\n<p class=\"ds-markdown-paragraph\"><strong><span class=\"\">5. why did sebi cap portfolio overlaps ?<\/span><\/strong><\/p>\n<p class=\"ds-markdown-paragraph\"><span class=\"\">to prevent look-alike schemes and reduce concentration risk. thematic and sectoral funds have three years to comply.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>mutual funds in india have two regulators. sebi is the main one. amfi is the industry body. the rules changed in 2026. the sebi mutual funds regulations, 2026 replaced the 1996 rules. sebi. the main regulator sebi is the capital markets regulator. it regulates mutual funds under the sebi act, 1992. sebi does many things. 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