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Bare acts > Securities and Insurance Laws (Amendment and Validation) Act, 2010 > Section 5
 
  


 

5. Amendment of section 12 of Act 15 of 1992. - In the Securities and Exchange Board of India Act, 1992, in section 12, in sub-section (1B), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 9th day of April, 2010, namely:--

"Explanation.-- For the removal of doubts, it is hereby declared that, for the purposes of this section, a collective investment scheme or mutual fund shall not include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment besides the component of insurance issued by an insurer.".

 

 

 

 

 

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