SEBI’s ‘Skin in the game’ rule is applicable to which of the following financial intermediaries?

SEBI's 'Skin in the Game' circular mandates that key employees (such as CEOs, CIOs, and fund managers) of Asset Management Companies (AMCs) in 'Mutual Funds' must receive a minimum proportion (20%) of their salary, perks, and bonus in the form of units of the mutual fund schemes they manage, locked in for three years to align their personal financial interests with those of unitholders.