In this paper we study properties of the functions which satisfy modular equations for infinitely many primes. The two main results are:
1) every such function is analytic in the upper half plane;
2) if such function takes the same value in two different points ${{z}_{1}}$ and ${{z}_{2}}$ then there exists an $f$-preserving analytic bijection between neighbourhoods of ${{z}_{1}}$ and ${{z}_{2}}$.