The Securities and Exchange Board of India (Sebi) has filed a response to the Supreme Court (SC), giving reasons as to why the Institution for Mutual Fund Intermediaries (Imfi) is eligible to be regarded as a self-regulatory organisation (SRO) and why its selection process in this regard was foolproof.
Imfi is promoted by the mutual fund sector lobby, the Association of Mutual Funds in India (Amfi).
One of the SRO applicants, Financial Planning Supervisory Foundation (FPSF), had petitioned the SC earlier this year against a Securities Appellate Tribunal (SAT) order of September 30 last year.
