The Assessing Officer denied exemption under section 10(23D) on the ground that the assessee-trust did not possess a separate registration from the Securities and Exchange Board of India. The Tribunal held that the assessee’s scheme had vested in UTI Mutual Fund under the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 and was one of the schemes approved by SEBI through the registration granted to UTI Mutual Fund. Separate registration of each scheme was not a statutory requirement. Accordingly, the exemption under section 10(23D) was held to be allowable. (AY. 2014-15, 2016-17, 2017-18 & 2018-19).