SEBI vs AMFI: what each one does
SEBI and AMFI appear on every mutual fund disclaimer, and they are different things: SEBI is the statutory market regulator, AMFI is the industry association. Knowing which does what makes the whole structure legible.
Two names sit at the bottom of almost every mutual fund page, including ours: SEBI and AMFI. They are often blurred together as “the regulator”, but they are separate bodies with different jobs, and the difference is worth understanding.
SEBI: the statutory regulator
The Securities and Exchange Board of India (SEBI) is the government regulator of the securities market. It makes and enforces the rules for mutual funds — how schemes are categorised, what must be disclosed in a scheme document, and how investors are protected — and it oversees the asset management companies, the registrars and the market as a whole. It is the body with statutory authority: its rules have the force of law.
AMFI: the industry association
The Association of Mutual Funds in India (AMFI) is the industry body of the asset management companies. It is not a government regulator; it operates within SEBI’s framework. Its jobs include registering distributors and issuing the ARN (the number every distributor must carry), issuing the EUIN that identifies the person at the point of sale, publishing daily NAVs across the industry, and setting the code of conduct that distributors must follow.
Who oversees whom
The hierarchy is straightforward once named: SEBI sits above, regulating the asset management companies and the market; AMFI operates beneath it, as an industry association working within SEBI’s rules. A distributor is registered with AMFI and bound by its code — H2 Investment is an AMFI-registered mutual fund distributor, ARN-200996 (the full registration is on our disclaimer page) — and the whole structure ultimately answers to SEBI.
What it means for you
This structure is why the market has guardrails you can rely on: the categories that make a “large-cap fund” mean the same thing everywhere, the disclosures a scheme must publish, and the grievance route if something goes wrong all flow from it. H2 Investment is a distributor, not an adviser: this explains who the two bodies are; it does not discuss any scheme.
Within those guardrails, the practical work starts from what the money is for: our plan-by-goal pages set out the numbers behind retirement, education, a home and other goals.
This is education, not advice
This article explains categories and mechanics. It does not name a scheme, does not rank anything and does not tell you what to buy. H2 Investment is an AMFI-registered mutual fund distributor (ARN-200996), not a SEBI-registered investment adviser. For a personal financial plan, talk to a SEBI-registered investment adviser. Tax treatment depends on your own circumstances and the rules change — confirm your position with a qualified tax adviser.
Related
What SEBI and AMFI do
What is the difference between SEBI and AMFI?
SEBI is the statutory government regulator of the securities market, with rules that carry the force of law. AMFI is the industry association of the asset management companies, which registers distributors and sets their code of conduct within SEBI's framework.
What does AMFI do for investors?
AMFI registers distributors and issues the ARN they must carry, issues the EUIN that identifies the person at the point of sale, publishes daily NAVs across the industry, and sets the distributor code of conduct.
Who regulates mutual funds in India?
SEBI regulates mutual funds and the asset management companies that run them, along with the registrars and the wider market. AMFI operates as an industry association within SEBI's rules; the whole structure answers to SEBI.