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SEBI: No NOC required to change mutual fund distributors

Don't ask for NOCs from investors, Sebi tells Mutual Funds

Making it easier for mutual fund investors to switch their distributors, market regulator Sebi on Friday said it is doing away with the practice of obtaining a no objection certificate (NOC) from existing distributors.

In a circular to all MFs and AMCs, the market regulator said, "You are advised to ensure compliance with the instruction of the investor informing his desire to change his distributor and or go direct, without compelling that investor to obtain an NOC from the existing distributor." Sebi said MF industry body Amfi in September mandated 2007 that AMCs would act on instruction of the investors if they desire to change their distributor.

The market regulator said it has come to notice that unwarranted hardship was being caused to investors in mutual fund schemes.

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