The Securities and Exchange Board of India (SEBI) said that a single Self Regulatory Organisation (SRO) would be put in place for the oversight of for all mutual fund distributors, according to a financial newspaper.

Market regulator said in its notification that the Board (SEBI) may in case of distributors engaged by asset management companies of mutual funds, grant certificate of recognition to only one group or association making an application under this regulation.

The regulator may grant an in-principle approval to the applicant, which shall be valid for a period of 180 days. It can further extend the validity of the in-principle approval for a further period of 90 days.

The SRO will assist SEBI and ensure a cordial relationship between mutual fund houses and distributors. (PTI)