Mutual Funds · intermediate

Fund Structure & Key Players

How a mutual fund is organised in India under the SEBI (Mutual Funds) Regulations, 2026: the sponsor, trustees and AMC, and the roles of the custodian, registrar, auditor, SEBI and AMFI.

6 lessonsFact-checked 8 October 2026
  1. 01Three-Tier Structure — Sponsor, Trustee, AMCA mutual fund in India is a trust with three separate parties: the sponsor, the trustees and the asset management company. This lesson explains who does what, who appoints whom, and why the roles are kept apart.
  2. 02Role of the Sponsor & TrusteeThe sponsor sets up a mutual fund and the trustees watch over it for unit holders. This lesson covers who may be a sponsor, the stake it must keep in the AMC, and the trustees' independence, meetings and powers.
  3. 03Role of the AMC (Asset Management Company)The asset management company (AMC) manages a mutual fund's schemes but does not own their assets. This lesson covers how an AMC is appointed, the conditions it must meet, the limits on its business and how it is paid.
  4. 04Role of Custodian, RTA & AuditorThree service providers support a mutual fund's operations: the custodian holds the securities, the registrar and transfer agent keeps investor records, and the auditor checks the schemes' accounts. This lesson explains each role and the independence rules around them.
  5. 05Role of SEBI — The RegulatorSEBI is the statutory regulator of India's securities market, including mutual funds. This lesson explains where its authority comes from, what it can do, the main rules an investor meets, how to complain, and what regulation does not promise.
  6. 06Role of AMFI — Industry Association & ARNThe Association of Mutual Funds in India (AMFI) is the industry association of asset management companies, not a regulator. This lesson explains what AMFI does, how it registers distributors through the ARN and EUIN, and what its code of conduct requires.

Free learning from the Trustner Group. Trustner Academy is an education initiative of the Trustner Group, whose companies work across insurance broking and investment services, with offices in Bangalore, Guwahati, Kolkata, Hyderabad and Mumbai. Everything here is for learning only — it is not advice, a recommendation or an offer of any product. Scenarios are illustrative. Rules and figures change; check the current regulation, scheme document or policy wording before acting on anything.