Regulation 28 - Procedure for launching of schemes - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

CHAPTER V SCHEMES OF MUTUAL FUND Procedure for launching of schemes 28. (1) No scheme shall be launched by the asset management company unless such scheme is approved by the trustees and a copy of the offer document has been filed with the Board. 1 [(2) The mutual fund shall pay the minimum filing fee specified in the Second Schedule to the Board while filing the offer document under sub-regulation (1). (3) The mutual fund shall pay the balance filing fee calculated in accordance with the Second Schedule to the Board within such time as may be specified by the Board.] 2 [ 6 [ **** ] 4 [ **** ] ] ******** 1 Substituted by the SEBI (Mutual Funds) (Third Amendment) Regulations, 2006, w.e.f. 3-8-2006. Prior to its substitution, sub-regulation (2) read as under; (2) Every mutual fund shall along with the offer document of each scheme pay filing fees as specified in the Second Schedule. 2 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 2014, w.e.f. 06-05-2014. 3. substituted vide Notification No. SEBI/LAD/NRO/GN/2020/07 dated 06-03-2020 before it was read as (4) The sponsor or asset management company shall invest not less than one percent of the amount which would be raised in the new fund offer or fifty lakh rupees, whichever is less, in the growth option of the scheme and such investment shall not be redeemed unless the scheme is wound up: Provided that this sub-regulation shall not apply to close ended schemes. 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as (5) The sponsor or asset management company of schemes existing as on date of notification of the SEBI(Mutual Funds)(Amendment) Regulations, 2014 shall invest not less than one percent of the assets under management of the scheme as on date of notification of these regulations or fifty lakh rupees, whichever is less, in the growth option of the scheme and such investment shall not be redeemed unless the scheme is wound up: Provided that the amount calculated as per this sub-regulation shall be invested within one year from the date of notification of these regulations: Provided further this sub-regulation shall not apply to close ended schemes. 6. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/36 dated 05-08-2021 before it was read as 3 [ (4). The sponsor or asset management company shall invest not less than one percent of the amount which would be raised in the new fund offer or fifty lakh rupees, whichever is less, and such investment shall not be redeemed unless the scheme is wound up: Provided that the investment by the sponsor or asset management company shall be made in such option of the scheme, as may be specified by the Board. ]