{"id":6203,"date":"2019-09-02T18:55:19","date_gmt":"2019-09-02T13:25:19","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=6203"},"modified":"2020-06-25T11:52:24","modified_gmt":"2020-06-25T06:22:24","slug":"how-can-i-start-my-own-mutual-fund-company","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/","title":{"rendered":"How Can I Start My Own Mutual Fund Company"},"content":{"rendered":"\n<p class=\"has-drop-cap\">If you\u2019re willing to start your <strong>own Mutual Fund Company<\/strong>, then you must first understand the concept of Mutual Fund. Basically, it\u2019s a collection of money that is put together by investors. In other words, we can say that it&#8217;s a pool of money that manages to earn the highest possible return. <\/p>\n\n\n\n<p>All the money that is pooled together as a fund is managed collectively to ensure that it gives the highest possible return. The fund is managed by <strong>professional fund managers<\/strong>. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a256b0f010\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a256b0f010\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Mutual_Fund_Registration_in_India\" title=\"Mutual Fund Registration in India\">Mutual Fund Registration in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Eligibility_for_Mutual_Fund_Registration\" title=\"Eligibility for Mutual Fund Registration \">Eligibility for Mutual Fund Registration <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Management_of_Mutual_Fund\" title=\"Management of Mutual Fund\">Management of Mutual Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#How_to_Start_a_Mutual_Fund_Company\" title=\"How to Start a Mutual Fund Company \">How to Start a Mutual Fund Company <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#1_Necessary_Approval_from_SEBI\" title=\"1. Necessary Approval from SEBI\">1. Necessary Approval from SEBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#2_Explore_Investment_Companies\" title=\"2. Explore Investment Companies\">2. Explore Investment Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#3_Investment_Manager\" title=\"3. Investment Manager\">3. Investment Manager<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#4_Fund_Arrangement\" title=\"4. Fund Arrangement\">4. Fund Arrangement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#5_Partner_With_Shared_Trust\" title=\"5. Partner With Shared Trust\">5. Partner With Shared Trust<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Process_of_Registration_of_Mutual_Fund_with_SEBI\" title=\"Process of Registration of Mutual Fund with SEBI\">Process of Registration of Mutual Fund with SEBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Types_of_Mutual_Fund\" title=\"Types of Mutual Fund\">Types of Mutual Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Annual_Fees_Payable_by_Mutual_Fund\" title=\"Annual Fees Payable by Mutual Fund\">Annual Fees Payable by Mutual Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/how-can-i-start-my-own-mutual-fund-company\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mutual_Fund_Registration_in_India\"><\/span>Mutual Fund Registration in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A mutual fund is a collection of a pool of <strong>funds of investors<\/strong> that are invested by the fund managers. Furthermore, the return that is earned in the form of dividends is distributed amongst the investors as a <strong>return of their investment.<\/strong> <\/p>\n\n\n\n<p>In return, the Assets Management Company charges the fee for such services. Mutual fund &amp; its registrations are regulated by the <strong>SEBI (Mutual Fund) Regulation, 1996<\/strong> <a href=\"https:\/\/www.sebi.gov.in\/sebi_data\/commondocs\/mutualfundupdated06may2014.pdf\">[1]<\/a> <strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_for_Mutual_Fund_Registration\"><\/span>Eligibility for Mutual Fund Registration <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For the grant of <strong>certificate of registration<\/strong>, an applicant shall fulfill the following <strong>eligibility criteria of SEBI<\/strong> (Mutual Fund) Regulation, 1996:<\/p>\n\n\n\n<ul><li>The sponsor should have a soundtrack record &amp; reputation of fairness &amp; integrity in his past experiences &amp; business transactions. <\/li><li>It shall have the experience of carrying businesses and provides <strong>financial services<\/strong> for more than 5 years. And the net worth in all those 5 years shall be positive.<\/li><li>The sponsor has to <strong>contribute 40%<\/strong> or more to the net worth of the <strong>Asset Management Company.<\/strong><\/li><li>The sponsor should not be guilty of fraud &amp; has not convicted any offense that involves moral turpitude.<\/li><li>The sponsor shall <strong>appoint a mutual fund trustee<\/strong>.<\/li><li><strong>Appointment of Asset Management Company<\/strong> to manage the funds &amp; operations of Mutual Fund. The net worth of such an <strong>asset management company<\/strong> shall be INR 5 Crore.<\/li><li>Appointment of custodian for keeping the custody of securities<\/li><li>The mutual fund shall get registered as Trust under Indian Trust Act, 1882<\/li><li>The <strong>memorandum<\/strong> shall have the objects that authorize the sponsor company to carry on the activities of mutual funds.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Management_of_Mutual_Fund\"><\/span>Management of Mutual Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Mutual\nFunds established in India are collectively managed by the bunch of its members\nwho perform their respective roles:<\/p>\n\n\n\n<ol><li>Mutual Fund in India is registered in the form of trust. They appoint trustees, sponsors, Asset Management Company &amp; custodians. Trust is established by a sponsor who is like the promoters to the Company <\/li><li>Trustees hold the property of mutual funds for the benefits of unitholders. Trustees are vested with the general superintendence &amp; direction over AMC. They look after performances of Mutual Fund &amp; that they comply with the <strong>guidelines of SEBI for Mutual Funds<\/strong>.<\/li><li>Asset Management Company approved by SEBI manages &amp; handles the <strong>funds &amp; investment<\/strong> in various types of securities along with the return on its investment. <\/li><li>Custodian holds the securities of <strong>various schemes<\/strong> in its custody with his <strong>general superintendence &amp; directions<\/strong> of Asset Management Company. <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Start_a_Mutual_Fund_Company\"><\/span>How to Start a Mutual Fund Company <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here are the steps to start your own <strong>mutual fund company in India<\/strong>:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Necessary_Approval_from_SEBI\"><\/span>1. Necessary Approval from SEBI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you are planning to start up your own private <strong>mutual fund company<\/strong>, the first most step is to <strong>get approval from SEBI<\/strong> &amp; get the <em>certificate of registration from SEBI<\/em>. Then an applicant needs to get approval from <em>Securities &amp; Exchange Commissions<\/em>. After approval is granted, the individual must have adequate operating capital to sustain the company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Explore_Investment_Companies\"><\/span>2. Explore Investment Companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Mutual funds are the investment companies registered with the <strong>Security &amp; Exchange Commission<\/strong>.\u00a0 SEC applies strict rules &amp; provisions for mutual funds such as it has to mandatory maintain enough capital to cover investors cashing in shares and to publish necessary information available publicly. An individual has to set up a corporation in the form of a Limited Liability Company of LLP to <strong>start a mutual fund<\/strong>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Investment_Manager\"><\/span>3. Investment Manager<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Get approval for<strong> institutional investment management from SEC <\/strong>for managing the mutual fund. An individual can get the registration using Form ADV, which is also used for some state registration requirement. Disclosure is required under <strong>Form ADV<\/strong> about the size of portfolios an applicant wants to manage. Institution investment managers who manage the portfolio exceeding $ 1 Million must <strong>file a Form 13F<\/strong> which contains the details of the fund&#8217;s portfolio transactions and value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Fund_Arrangement\"><\/span>4. Fund Arrangement<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Fees and operating costs are part of the running expenses of the mutual fund. Attracting the <strong>investor&#8217;s fund<\/strong> to build a portfolio is the heaviest expense of any mutual fund. Startup cost can be a very small amount but an individual needs a <strong>portfolio of huge amount<\/strong> for being a profitable company. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Partner_With_Shared_Trust\"><\/span>5. Partner With Shared Trust<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A mutual fund can get partnered with any shared trust who provides the board of directors, insurance, <strong>regulatory compliances<\/strong>. These companies help small-sized and start-up mutual funds to be more competitive &amp; mutual fund managers can make their own decision. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_Registration_of_Mutual_Fund_with_SEBI\"><\/span>Process of Registration of Mutual Fund with SEBI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following is the step by step procedure for getting the <strong>registration of Mutual Fund with SEBI<\/strong>:<\/p>\n\n\n\n<ol>\n<li>An applicant shall apply form A as per schedule I of SEBI (Mutual Fund) Regulations 1996 along with the non-refundable fee of INR 5 Lakh.<\/li>\n<li>A person who holds 40% or more net worth of asset management company is deemed to be a sponsor &amp; he is required to file an application.<\/li>\n<li>While a sponsor company applies for mutual fund registration, it has to make sure that its MOA has a clause of object permitting to carry on the activities of the mutual fund.<\/li>\n<li>A complete list of the group companies or associated companies that are registered with SEBI in any form shall be attached to an application.<\/li>\n<li>Details of the sponsor company or its associate company if listed on any stock exchange shall also be mentioned<\/li>\n<li>Declaration stating that director or any officer connected with the sponsor company has not been found guilty of fraud or has not convicted any offense involving moral turpitude<\/li>\n<li>If the sponsor company is registered with RBI as a Banking Company or Non-Banking Company, the details of the same shall also be annexed<\/li>\n<li>Trust deed shall be executed along with setting up the board of trustees comprising two\/third of independent directors.<\/li>\n<li>Incorporate the Asset Management Company &amp; the Trustee Company. Submit completed Memorandum of Association &amp; Article of Association of these companies.<\/li>\n<li>After Incorporation of these two companies, submit the auditor\u2019s certificate certified by Chartered Accountant who certifies:\n<ul>\n<p>1. The sponsor has contributed 40% of the net worth of AMC<\/p>\n<p>2. AMC has a net worth of not less than INR 10 Crore.<\/p>\n<\/ul>\n<\/li>\n<li>The sponsor Company then has to execute a trust deed &amp; investment management agreement that has to be filed with the complete checklist.<\/li>\n<li>Complete details of Infrastructure facility should be filed with SEBI containing the following details:\n<ul>\n<p>1. Address &amp; details of the office premise<\/p>\n<\/ul>\n<ul>\n<p>2. Organization chart of AMC<\/p>\n<\/ul>\n<ul>\n<p>3. Profile of HR including that of fund managers &amp; equity research personnel<\/p>\n<\/ul>\n<\/li>\n<li>Appoint the custodian.<\/li>\n<li>During the registration process, an applicant has to provide all the required information or query raised by SEBI at any stage of process within 30 days of communication.<\/li>\n<li>Upon satisfying the application that it is completed in all aspects, the certificate of registration is granted in Form B subject to the payment of registration fee of INR 25 Lakh.<\/li>\n<li>In cases where the sponsor does not satisfy the eligibility criteria &amp; its application is not completed, authority can reject the same stating the reasons for the same.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Mutual_Fund\"><\/span>Types of Mutual Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>Following are the types of mutual funds option available:<\/em><\/p>\n\n\n\n<ul><li><strong>Open-Ended funds:<\/strong> These funds have no maturity date. They can be purchased and sold by an investor at any point in time.<\/li><li><strong>Close-Ended funds:<\/strong> these funds have a fixed <strong>maturity period &amp; investment<\/strong> can be made during the initial launch period. <\/li><li><strong>Equities funds:<\/strong> this is the popular category amongst <strong>retail investors<\/strong>. They are a <strong>high-risk investment<\/strong> in the short run and profitable &amp; provide <strong>capital appreciation<\/strong> in the long run. <\/li><li><strong>Index fund:<\/strong> popular in the west they follow a <strong>passive investment strategy<\/strong> where the investments move exactly as per the movements of the benchmark.<\/li><li><strong>Sectoral funds:<\/strong> these funds provide extremely <strong>high risk- high return opportunity<\/strong> to the investors. These funds are invested in specified sectors such as infrastructure, IT sector, pharmaceuticals, etc. <\/li><li><strong>Tax saving funds:<\/strong> this <em>scheme offer tax benefit to the investors<\/em>. These funds are invested in equities thus providing long-term benefits to investors. Tax saving mutual funds are also known as Equity Linked Saving Schemes. These funds have a lock-in period of 3 years.<\/li><li><strong>Balanced funds:<\/strong> This fund gives investor\u2019s investment a regular growth &amp; income.\u00a0 Investment is done in both equity &amp; fixed income securities. Proportion at which an investment is done is disclosed in the offer document. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Annual_Fees_Payable_by_Mutual_Fund\"><\/span>Annual Fees Payable by Mutual Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A registered <strong>mutual fund has to pay annual fees<\/strong> or before 15th day of April of every <strong>financial year<\/strong> calculated as per below on:<\/p>\n\n\n\n<table>\n<tbody>\n<tr>\n<td \"=\"\"><strong>Average Assets Under Management as on 31<sup>st<\/sup>&nbsp;March<\/strong><\/td>\n<td><strong>Annual Fees<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Up to INR 10000 Crore<\/td>\n<td>0.0015% of Average Assets<\/td>\n<\/tr>\n<tr>\n<td>Above INR 10000 Crore<\/td>\n<td>0.0015% of Average Assets up to INR 10000 Crore + 0.0010% of Average Assets above INR 10,000 Crore<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<ul><li>Minimum Annual Fees payable:\nINR 250000<\/li><li>Maximum Annual Fess payable:\nINR 10000000<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In conclusion, a <strong>mutual fund is a pool of funds<\/strong> created by putting up all the money together by different investors. All the money pooled is then invested in a profitable source &amp; the fund is managed by a professional fund manager.\u00a0 Mutual funds are the safest option as they hold the characteristic of being less volatile. <strong>Mutual funds<\/strong> give a good amount of return in the long run as they synchronize with being less volatile. The investor need not take care daily of his stock as the same is being handled by <strong>fund manager registered with SEBI<\/strong>. <\/p>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/swaritadvisors.com\/learning\/how-to-register-a-mutual-fund-with-sebi\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Register a Mutual Fund with SEBI<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re willing to start your own Mutual Fund Company, then you must first understand the concept of Mutual Fund. Basically, it\u2019s a collection of money that is put together by investors. In other words, we can say that it&#8217;s a pool of money that manages to earn the highest possible return. All the money [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[546],"tags":[677,547,551],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/6203"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=6203"}],"version-history":[{"count":18,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/6203\/revisions"}],"predecessor-version":[{"id":11256,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/6203\/revisions\/11256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/6204"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=6203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=6203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=6203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}