Sebi allows online registration for MFs to improve ease of doing business

It will help fund houses to complete registration in a much faster and cost-effective way

To improve ease of doing business, markets regulator on Thursday launched an online registration mechanism for mutual funds.

The move would help in making it easier for the existing and new fund houses to complete their registration with the Securities and Exchange Board of India (Sebi) much faster and in a cost-effective way.

In a circular, the regulator said it has decided to operationalise 'Sebi Intermediary Portal' for the entities to submit the mutual funds registration applications online.

The portal has been made operational from on Thursday.

All the applications for registration of mutual fund would be made through this portal only.

"The applicants will be separately required to submit relevant documents viz declarations/ undertakings required as a part of application form prescribed in relevant regulations, in physical form only for records, without impacting the online processing of applications for registration," it said.

Earlier, Finance Minister Arun Jaitley in his budget speech for 2017-18 announced that the process of registration of financial market intermediaries will be made fully online by Sebi.