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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

Extract

..... ial Gazette: 3. In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999,- I In regulation 2, sub-regulation (1), i. clause (e) shall be substituted with the following clause, namely,- “(e) “auditor” means a firm, including a limited liability partnership, constituted under the Limited Liability Partnership Act, 2008, who is eligible and qualified to audit the accounts of a company under section 141 of the Companies Act, 2013 (18 of 2013).” ii. after clause (e), the following clause (ea) shall be inserted, namely,- “(ea)”designated employees” of the Collective Investment Management Company includes: (i) chief executive officer, chief investment officer, chief r .....

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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

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..... shall be substituted with the following clause, namely,- “(p)”fraud” means a fraud as defined in sub-clause (c) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003;” vii. clause (v) shall be substituted with the following clause, namely,- “(v)”relative” means a person as defined in section 2(77) of the Companies Act, 2013 (18 of 2013).” viii. clause (aa) shall be substituted with the following clause, namely,- “(aa)”securities laws” means the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the Depositories Act, 1996 (22 o .....

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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

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..... ut of the immediately preceding five years, including the fifth year; and (iv) the applicant has a net worth of not less than rupees fifty crores on a continuous basis: Provided that the applicant shall have a networth not less than rupees hundred crore till it has profits for five consecutive years in case the requirements under sub-clause (iii) of clause (c) of this regulation is not fulfilled;” IV After regulation 9A, the following shall be inserted, namely,- “9B (1) No Collective Investment Management Company or a promoter of a Collective Investment Management Company, their associates or group companies, through the schemes of the Collective Investment Management Company or otherwise, individually or collectively, directly .....

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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

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..... into force of such an arrangement.” V In regulation 14, i. in clause (m), the symbol “.” shall be substituted with the symbol “;” ii. after clause (m), the following clause shall be inserted, namely,- “(n) the Collective Investment Management Company and its designated employees shall invest such amounts in such schemes of the Collective Investment Management Company, as may be specified by the Board from time to time.” VI After sub-regulation (5) of regulation 24, the following shall be inserted, namely,- “Closure of subscription list (6) Each collective investment scheme shall immediately after the closure of the subscription list comply with the following conditions, namely,- (a) minimum s .....

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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

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..... uo;five working days”. IX In regulation 32, i. the words “unit certificates as soon as possible but not later than six weeks” shall be substituted with the words “the units only in dematerialized form within a period of five working days”. ii. the symbol “:” shall be substituted with the symbol “.”. iii. the proviso shall be omitted. X In regulation 35, after clause (d), the following clause shall be inserted, namely,- “(e) not invest more than twenty five percent of the amount raised by Collective Investment Management Company in projects owned directly or indirectly by Collective Investment Management Company.” XI In Ninth Schedule, Part 1 shall be substituted with the foll .....

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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

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..... ses shall be borne by the Collective Investment Management Company: Provided that collective investment scheme related expenses including commission paid to distributors, by whatever name it may be called and in whatever manner it may be paid, shall necessarily be paid from the scheme only within the regulatory limits and not from the books of the Collective Investment Management Company, its associate, promoter(s), trustee or any other entity or through any other route: Provided further that Collective Investment Management Companies shall adopt full trail model of commission in all schemes, without payment of any upfront commission or upfronting of any trail commission, directly or indirectly, in cash or kind, through sponsorships, or any .....

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Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - SEBI/LAD-NRO/GN/2022/84 - SEBI

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  1. Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  2. Securities and Exchange Board of India Act, 1992
  3. Section 30 - Power to make regulations - Securities and Exchange Board of India Act, 1992
  4. Section 19 - Delegation - Securities and Exchange Board of India Act, 1992
  5. Section 11 - Functions of Board - Securities and Exchange Board of India Act, 1992
  6. SCHEDULE - 09 - ACCOUNTING NORMS, INVESTMENTS AND EXPENSE CEILING - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  7. Regulation 9A - Criteria for fit and proper person - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  8. Regulation 9 - Conditions for eligibility - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  9. Regulation 35 - Investments and segregation of funds - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  10. Regulation 32 - Unit certificates - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  11. Regulation 31 - Allotment of Units and refunds of moneys - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  12. Regulation 30 - Offer period - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  13. Regulation 24 - Procedure for launching of collective investment schemes - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  14. Regulation 2 - Definitions - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
  15. Regulation 14 - Obligations of Collective Investment Management Company - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

 

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