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NISM Series V-A Mutual Fund Distributors Certification Examination
Ch 4 - Legal and Regulatory Framework
In this video, you will learn about AMFI's Code of Conduct

*Rights with respect to Unclaimed Dividend / Redemption
-The mutual fund has to deploy unclaimed dividend and redemption amounts in the money market. AMC can recover investment management and advisory fees on management of these unclaimed amounts, at a maximum rate of 0.50% p.a.
#Recovery of such unclaimed amounts by the investors is as follows:
-If the investor claims the money within 3 years, then payment is based on prevailing NAV i.e. after adding the income earned on the unclaimed money
-If the investor claims the money after 3 years, then payment is based on the NAV at the end of 3 years
-AMC is expected to make a continuous effort to remind the investors through letters to claim their dues.
-The Annual Report has to mention the unclaimed amount and the number of such investors for each scheme.

*Limits to Investor Rights
#Cannot sue the Trust
-The Trust is only a notional entity
-No recourse for ignorance
-A prospective investor has no rights with respect to the fund, the AMC or intermediaries
#Limits to redressal
-Neither shareholders nor depositors
-Investments cannot be protected
-Redressal of complaints is not obligatory
-Offer document discloses all pending investor complaints

*SEBI Advertising Code
-Advertisements shall be accurate, true, fair, clear, complete, unambiguous and concise.
-Advertisements shall not contain statements which are false, misleading, biased or deceptive, based on assumptions/projections and shall not contain any testimonials or any ranking based on any criteria.
-Advertisements shall not be so designed as likely to be misunderstood or likely to disguise the significance of any statement. Advertisements shall not contain statements which directly or by implication or by omission may mislead the investor.
-Advertisements shall not carry any slogan that is exaggerated or unwarranted or any slogan that is inconsistent with or unrelated to the nature or the risk and return profile of the product.
-The celebrity endorsements shall not promote a scheme of a particular Mutual Fund or be used as a branding exercise of a Mutual Fund house/AMC. O
-Expenses towards such celebrity endorsements shall be limited to the amounts that are aggregated by Mutual Funds at industry level for the purpose of conducting investor education and awareness initiatives.
-Prior approval of SEBI shall be required for issuance of any endorsement of Mutual Funds as a financial product, which features a celebrity for the purpose of increasing awareness of Mutual Funds.

*AMFI CODE OF ETHICS (ACE)
-The AMFI Code of Ethics sets out the standards of good practices to be followed by the Asset -Management Companies and Trustees in their operations and in their dealings with investors, intermediaries and the public.
-SEBI (Mutual Funds) Regulation, 1996 requires all Asset Management Companies and Trustees to abide by the Code of Conduct as specified in the Fifth Schedule to the Regulation. The AMFI Code has been drawn up to supplement that schedule.

AMFI’s Code of Conduct for Intermediaries of Mutual Funds
-AMFI has also framed a set of guidelines and code of conduct for intermediaries [known as -AMFI Guidelines & Norms for Intermediaries (AGNI)], consisting of individual agents, brokers, distribution houses and banks engaged in selling of mutual fund products.
-AMFI Registration Number (ARN)

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