Are mutual fund apps regulated by SEBI?

General
1

Are mutual fund apps like Kuvera, Groww, regulated by SEBI? Does SEBI have control over them and auditing/etc?

I assume Zerodha comes under SEBI’s directives since it stores MFs in demat form? But “Coin” is not directly regulated right?

2

These apps used to provide only execution services (and not research services of Advice). Also most of them offered direct plan and earned no commission, so didn’t qualify as MFD too. So as such there was no regulation on them earlier.

However, Last year SEBI came up with regulations for Executions Only Platform (EOP) and forced all these apps offering MF execution service to register either as
EOP 1 - which are basically agents of AMCs and need to register with AMFI OR
EOP 2 - which are stock brokers registered with SEBI and needs to provide execution facility through stock brokers.

So now there is some amount of regulations / requirements on these apps.
Coin, I believe should be registered as EOP 2, and becomes directly regulated by SEBI

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3

Thanks Akash