26. '' The Securities and Exchange Board of India (SEBI) issued for the first time, a comprehensive set of regulation-The SEBI (Mutual Funds) Regulation , in 1993.'' Prior to the formation of SEBI , who regulated the Mutual Fund Industry in India?
Ans: Prior to the formation of SEBI, the following laws regulated the Mutual Fund Industry in India:
UTI Act, 1963
The Indian Trust Act,1882,
Companies Act, 1956 for Trust Company.
In addition to these, the Securities Contract Regulation Act, 1956 and various other tax laws also governed the Industry.