Additional mode of payment through ASBA in Mutual Funds
Summary
This circular partially modifies a previous directive regarding the mandatory provision of ASBA facilities for New Fund Offers. It mandates that Mutual Funds and Asset Management Companies must offer this payment mode for NFOs launched on or after October 1, 2010. The order is issued under Section 11(1) of the SEBI Act to protect investor interests.
Text
Mutual Funds / AMCs shall provide ASBA facility to investors for all NFOs launched on or after October 1, 2010.
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 SEBI (Mutual Funds) Regulations, 1996.
Source: SecMarx — Additional mode of payment through ASBA in Mutual Funds. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.