SEBI Allows Mutual Funds for IA, RA Deposit Compliance

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.