Amendment
to the
Securities and Exchange Board of India Act, 1992
Amendment of section 12 of Act 15 of 1992.
In the Securities and Exchange Board of India Act, 1992, in section 2, in sub-section (IB), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 9th day of April, 2010, namely:—
"Explanation.- For the removal of doubts, it is hereby declared that, for the purposes of this section, a collective investment scheme or mutual fund shall not include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment besides the component of insurance issued by an insurer.".
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