9.2 Legal Framework Governing Mutual Funds

Nepal's regime (by name): the Securities Act 2063's collective-investment faces and the Mutual Funds Regulation 2067 — the fund's establishment-and-approval (SEBON's scheme- sanctioning), the three-cornered structure's mandate (the AMC, the trustee, the custodian — 9.3), the offer-document's discipline (the fund's own prospectus — the scheme's disclosure), the investment's restrictions-and-diversification rules (the concentration bars), the valuation-and-NAV discipline (the daily pricing's honesty), the fees-and-expenses' caps, the reporting-and-audit duties, and the winding-up-and-merger faces. The historical note: the early funds' era (the NIDC- and-NCM's first schemes of the 1990s-2010s) to the modern licensed-AMC market.