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Guidelines on Inter Scheme Transfers of Securities - SEBI - SEBI/HO/IMD/DF4/CIR/P/2020/202

Extract

..... g additional safeguards have been prescribed: 1. In case of Close Ended Schemes, IST purchases would be allowed within “three” business days of allotment pursuant to New Fund Offer (NFO) and thereafter, no ISTs shall be permitted to/from Close Ended Schemes. 2. In case of Open Ended Schemes, ISTs may be allowed in the following scenarios: a) For meeting liquidity requirement in a scheme in case of unanticipated redemption pressure: AMCs shall have an appropriate Liquidity Risk Management (LRM) Model at scheme level, approved by trustees, to ensure that reasonable liquidity requirements are adequately provided for. Recourse to ISTs for managing liquidity will only be taken after the following avenues for raising liquidity have be .....

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Guidelines on Inter Scheme Transfers of Securities - SEBI

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..... ISTs in Credit Risk scheme, in case the security becomes default grade after the ISTs within a period of one year. Such negative impact on performance shall mirror the existing mechanism for performance incentives of the AMC. 3. No ISTs of a security shall be allowed, if there is negative news or rumors in the mainstream media or an alert is generated about the security, based on internal credit risk assessment in terms of clause F of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/104 dated October 01, 2019 during the previous four months. 4. AMC shall ensure that Compliance Officer, Chief Investment Officer and Fund Managers of transferor and transferee schemes have satisfied themselves that ISTs undertaken are in compliance with the regulat .....

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Guidelines on Inter Scheme Transfers of Securities - SEBI

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..... Request For Quote (RFQ), the attempt to sell liquid assets in market) Not Applicable If all above is not sufficient then ISTs of optimal mix of low duration paper with highest quality paper and so on Not Applicable Declaration: 1. IST is in the interest of unit holders. 2. Quality of security under ISTs is not suspect i.e. no adverse news or rumors in the mainstream media about the said security, nor any credit alert for last four months. 3. Fund Manager of transferee scheme confirms that he/she has done full credit risk assessment of security before buying the same through ISTs, and the same is documented. Name and Signature of Fund Managers Name and Signature of Chief Investment officer Name and Signature of Compliance officer # The use o .....

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Guidelines on Inter Scheme Transfers of Securities - SEBI

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