D] PROMOTION & REGULATION OF SELF REGULATORY ORGANISATIONS

Association of Merchant Bankers of India(AMBI)

AMBI was granted recognition to set up professional standards for providing efficient services and establish standard practices in merchant banking and financial services. The AMBI was promoted to exercise overall supervision over its members in the matters of compliance with statutory rules and regulations pertaining to merchant banking and other activities. The AMBI in consultation with the SEBI is working towards improving disclosures standards in the offer document as well as meeting the statutory requirement in a systematic manner.

Association of Custodial Agencies of India(ACAI)

During the year under review, Association of Custodial Agencies of India(ACAI) was formally incorporated as a company limited by guarantee under section 25 of Companies Act, 1956. The Board of Directors consists of five representatives of various custodians.

The ACAI held numerous meetings on issues relating to dematerialisation of securities. It has recently set up the following committees:

1. Committee on Depository Related Issues
2. Committee on Settlement Related Issues
3. Committee on Post-settlement Related Issues, and
4. Committee on Operational & Technology Related Issues

Registrars Association of India (RAIN)

The Registrars Association of India (RAIN), a self regulatory organisation of registrars to an issue and share transfer agents was set-up. The SEBI has been interacting with the RAIN in formulating the policies related to their role in the issue process.

Association of Mutual Funds of India (AMFI)

The SEBI conducts regular meetings with the members of the Association of Mutual Funds of India on various issues affecting mutual funds. The Standard Offer Document and Memorandum containing key information was prepared by the SEBI in consultation with AMFI. Other issues such as investment in unrated/unlisted securities, schedule of fees payable to auditors for inspection of mutual funds, manner of charging expenses associated with dematerialisation of scheme portfolios, various policy issues and provisions of the SEBI (Mutual Funds) Regulations were discussed at various AMFI meetings held during the year.