According to the circular issued on Tuesday, Sebi said, “In order to ensure compliance with the deposit requirements under the norms, IAs and RAs will now maintain a deposit in the form of units of a liquid mutual fund or an overnight mutual fund or as a deposit maintained with a scheduled bank.” Such a deposit will be marked as a lien in favour of IAASB or RAASB, as the case may be, it added.
SEBI Allows Mutual Funds for IA, RA Deposit Compliance
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