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SEBI (MUTUAL FUND) REGULATIONS, 1996

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CONSTITUTION AND MANAGEMENT OF MUTUAL FUNDS AND OPERATION OF TRUSTEES

(i) A mutual fund shall be constituted in the form of a trust and the instrument shall be in the form of a deed duly registered under the Act. 

(ii) The trust deed shall not contain any clause which has the effect of limiting or extinguishing the obligations and liabilities of the trusts.

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