Can a CA not holding "Certificate of Practice" become mutual fund distributor in India

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Chartered Accountants in India who do not hold a Certificate of Practice (COP) are permitted to become mutual fund distributors. This is permissible under the ICAI's code of conduct, and no specific permission from ICAI is required. Furthermore, such CAs can also become partners in Mutual Fund Distributor LLPs and actively participate in client advisory, sales, and distribution activities without issue. It's advisable to also check SEBI regulations for any necessary certifications or registrations.

Shweta

Shweta (Querist)
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28 December 2023 a) Can a chartered accountant not holding "Certificate of Practice" become a certified distributor for mutual funds.
b)Whether code of conduct of ICAI allows it or not
c)whether any permission should be obtained from ICAI for becoming a mutual fund distributor.
d) Can CA not holding "certificate of practice" become a partner in Mutual fund distributor LLP in India

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 December 2023 a) yes.
b) Since not holding COP it's allowed.
c) No.
d) yes.

Shweta

Shweta (Querist)
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28 December 2023 Thanks so much sir.

In relation to query above I have one more Query

Can CA not holding "certificate of practice" who is a partner in Mutual fund distributor LLP
a) actively participate in soliciting or advising clients
b) actively engaging in sales or distribution of financial products
c) actively engage in financial advice on mutual funds

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 December 2023 Yes, no problem.....
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