Tax Management India. Com
                        Law and Practice: A Digital eBook ...

☞ Data-bank

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News D. Forum
Highlights
What's New  Latest Cases 

Share:      

        Home        
 
Home Circulars 2021 SEBI SEBI - 2021 This
← Previous Next →
  • Login

 

User Login
Username  
Password  
Stay sign in     

Forget password       New User/ Regiser


Register for Demo / Trial


Annual Subscription Offer

With popular demand, we introduce:-
Special offer on GST Package for Professionals
i.e. CA/CWA/CS/Advocate/Others @ 2500/- +GST



 

Clarifications with respect to Circular dated April 28, 2021 on ‘Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’ - SEBI - SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/629

Extract

..... they have a role or oversight. 2. Based on the representations received from the Mutual Fund Industry and recommendations of Mutual Funds Advisory Committee (‘MFAC’), it has been decided to provide clarity on certain provisions and on the applicability of the aforementioned circular. The said clarifications are given in Annexure to this circular. 3. All other provisions mentioned in the circular SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/553 dated April 28, 2021 and circular SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/582 dated June 25, 2021 shall remain unchanged. 4. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SE .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Clarifications with respect to Circular dated April 28, 2021 on ‘Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’ - SEBI

X X   X X   Extracts   X X   X X

..... 21. c) The phased implementation for junior employees shall cease to apply from the date such employee attains the age of 35 years. For this purpose, a designated employee of the AMC below the age of 35 years (excluding CEO, head of any department and Fund Managers), shall be deemed as “junior employee”. 4. With regards to the provisions under para 2 of the Alignment circular, it is clarified that: 4.1. Investment in units of the scheme, shall be made on the day of payment of salary. 4.2. The previous month’s closing AUM shall be taken for apportioning the investment across eligible schemes. 4.3. All non-cash benefits and perks shall be accounted for in CTC at the perquisite value as per the Form 16 under Income Tax Act, 1 .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Clarifications with respect to Circular dated April 28, 2021 on ‘Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’ - SEBI

X X   X X   Extracts   X X   X X

..... the mandatory lock-in period, the designated employee may make application to the Compliance Officer for redemption of the units. The Compliance Officer shall decide on the said application within 5 days of receipt of such application; b. If approved, the designated employee may submit request for redemption of such units within 10 trading days from the date of grant of such approval; c. The unexecuted portion, if any, shall not be rolled over on the expiry of the period mentioned at (b) above. However, a second application can be made within the year as stated above. The Compliance Officer shall maintain all other regulatory checks and obtain necessary confirmation from the concerned designated employee; d. Where the concerned Designated E .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Clarifications with respect to Circular dated April 28, 2021 on ‘Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’ - SEBI

X X   X X   Extracts   X X   X X

..... the AMC shall decide whether the deduction of 20% of such deferred compensation (perquisite value less taxes), should be on the date of grant or exercise. However, the policy should be same for all Designated Employees of the AMC, in a given financial year. 4.12. Any unconditional compensation in any form which was granted before the issuance of the Alignment circular but is unpaid as on the date of the Alignment circular i.e, April 28, 2021 shall not be included in the CTC. 4.13. Para 2(iii) of the Alignment circular allowing diversification of the unit holdings to dedicated fund managers managing only a single scheme/single category of schemes, shall also be applicable to dedicated fund managers of overseas funds. 4.14. Units, allotted i .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Clarifications with respect to Circular dated April 28, 2021 on ‘Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’ - SEBI

X X   X X   Extracts   X X   X X

 

← Previous Next →

 

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||