TMI BlogInvestment of fund moneysX X X X Extracts X X X X X X X X Extracts X X X X ..... Account) shall be deemed to be moneys accruing to the fund after that date; ( ii ) scheduled bank means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), [or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980),] or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934). 1 [(2) The manner of investment referred to in sub-rule (1) shall be in accordance with the following Table, namely:- TABLE INVESTMENT PATTERN Sl. No. INVESTMENT Percentage amount to be invested in items referred to in column(2) (1) (2) (3) i. Government Securities and Related Investments : (a) Government Securities; (b) other securities, as defined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olding, or any Authority of the Government which is not a body corporate and has been formed mainly with the purpose of promoting development of infrastructure: Provided that any structural obligation undertaken or letter of comfort issued by the Central Government, Indian Railways or any Authority of the Central Government, for any security issued by a body corporate engaged in the business of infrastructure, which notwithstanding the terms in the letter of comfort or the obligation undertaken, fails to enable its inclusion as security covered under subclause (b) of clause (i), shall be treated as an eligible security under this subcategory; (ii) Infrastructure and affordable housing Bonds issued by any scheduled commercial bank, which meets the conditions specified in sub-clause (d) of clause (ii); (iii) Listed (or proposed to be listed in case of fresh issue) securities issued by Infrastructure debt funds operating as a Non-Banking Financial Company and regulated by the Reserve Bank of India; (iv) Listed (or proposed to be listed in case of fresh issue) units issued by Infrastructure Debt Funds operating as a Mutual Fund and regulated by Securities and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Upto five per cent. Provided that the portfolio invested under sub-clause (b) of clause (i) of the said Table shall not be in excess of ten percent of the total portfolio of the fund: Provided further that, irrespective of the proportion of investments specified in clause (i) of the said table, exposure of a trust to any Individual Mutual Fund, under sub-clause (c) of the said clause, which has been set up as a dedicated fund for investment in Government Securities, shall not exceed five per cent. of its total portfolio at any point of time and fresh investments made in them shall not exceed five per cent. of the fresh accretions in the year: Provided also that the investment stated in sub-clause (b) of clause (ii) shall be made only in such Tier-I bonds which are proposed to be listed in case of initial offering of the bonds and if such Tier-I bonds are listed and regularly traded, investment shall be made in such bonds of a Scheduled commercial Bank from the Secondary Market: Provided also that the total portfolio invested, at any time, in Tier I bonds referred to sub-clause (b) of clause (ii) of the said Table shall not be more t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such Swaps shall be considered to be investment made under this clause: Provided also that investment stated in sub-clause (a) of clause (iii) of the said Table in paper issued by body corporates shall be made only in such instruments which have minimum rating of Al + by at least two credit rating agencies registered with the Securities and Exchange Board of India and if paper has been rated by more than two rating agencies, the two lowest of the ratings shall be considered: Provided also that investment in sub-clause (a) of clause (iii) of the said Table in Certificates of Deposit of up to one year duration issued by scheduled commercial banks will require the bank to satisfy all conditions mentioned in sub-clause (d) of clause (ii) of the said table: Provided also that the aggregate portfolio invested in such mutual funds stated in sub-clause (b) of clause (iv) of the said Table shall not be in excess of five per cent. of the total portfolio of the fund at any point in time and the fresh investment in such mutual funds shall not be in excess of five per cent. of the fresh accretions invested in the year: Provided also that the portfolio invested in derivat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistered under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the option of exit shall be considered and exercised, as appropriate, in a manner that is in the best interest of the subscribers and released fund shall be invested in accordance with the manner provided in the Table: Provided also that if the fund has engaged services of professional fund manager or asset managers for management of its assets, payment to whom is made on the basis of the value of each transaction, the value of funds invested by them in any mutual fund mentioned in any of the clauses of the Table or Exchange Traded Funds or Index Funds shall be reduced before computing the payment due to them. Explanation 1. - The manner of investment specified in this sub-rule shall apply to the aggregate amount of investible moneys with the fund in the previous year. Explanation 2 .- For the purposes of this sub-rule,- (i) Fresh accretions to the funds shall be the sum of un-invested funds from the past and receipts like contributions to the funds, dividend, interest, commission, amount received on the maturity of investment made prior to the 1st da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ally guaranteed by the Central Government or any State Government except those covered under ( iii )( a ) below; Fifteen per cent ( iii ) ( a ) in bonds/securities, of a public financial institution or of a public sector company or of a public sector bank, which have an investment grade rating from at least two credit rating agencies; and/or ( b ) Term Deposit Receipts (TDR) up to three years issued by public sector banks; and/or ( c ) in Collateral Borrowing and Lending Obligation (CBLO) issued by Clearing Corporation of India Limited and approved by the Reserve Bank of India; Thirty percent ( iv ) to be invested in any of the above three categories, as decided by their Trustees Thirty per cent : Provided that any moneys received on the maturity of investments made prior to the 1st day of April, 2005, reduced by obligatory outgoings, shall be invested in accordance with the manner of investment specified in this sub-rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be invested in accordance with the manner provided in the Table of this sub-rule : Provided also that any amount invested after 31st March, 2005, but on or before the date of issue of this notification in accordance with the manner of investment in force in this behalf from the 1st day of April, 1997 to 31st March, 2005, shall be deemed to have been invested in the manner specified in this sub-rule. Explanation 1 . The manner of investment specified in this sub-rule shall apply to the aggregate amount of investible moneys with the fund in the previous year. Explanation 2 . For the purposes of this sub-rule, ( i ) the expression public financial institutions shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); ( ii ) the expression public sector company shall have the meaning assigned to it in clause ( 36A ) of section 2 of the Income-tax Act; and ( iii ) the expression public sector bank shall have the meaning assigned to it in clause ( 23D ) of section 10 of the Income-tax Act. 2. Substituted vide NOTIFICATION NO. 84/2020 dated 22-10-2020 w.e.f. 01-04-2021 before it was r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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