Regulation 29 - Misleading Statements - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

Misleading Statements 29. (1) The offer document and advertisement materials shall not be misleading or contain any statement or opinion which are incorrect or false. (2) Where an offer document or advertisement includes any statement or opinion which are incorrect or false or misleading, every person- (i) who is a director of the Collective Investment Management Company at the time of the issue of the offer document; (ii) who has issued the offer document and shall be punishable under the Act unless he proves either that the statement or opinion was immaterial or that he had reasonable ground to believe at the time of the issue of the offer document or advertisement that the statement was true.