Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009
Summary
This notification amends the SEBI (Mutual Funds) Regulations, 1996 to mandate prior in-principle approval from stock exchanges for listing mutual fund units. It introduces specific listing requirements for close-ended schemes while providing exemptions for certain pre-existing schemes with repurchase facilities. The amendment also updates provisions regarding statement of accounts, dematerialization, delisting guidelines, and Net Asset Value calculations. This section lists numerous amendments to SEBI regulations concerning mutual funds and other securities matters enacted between March 2000 and September 2008. Each entry specifies the date of enactment, the specific regulation name, and the corresponding Gazette notification number or file reference. The text serves as a chronological record of regulatory changes affecting the mutual fund industry during this period.
Text
These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009.
They shall come into force on the date of their publication in the Official Gazette.
obtained, wherever required under these regulations, prior in-principle approval from the recognised stock exchange(s) where units are proposed to be listed.
The asset management company shall obtain, wherever required under these regulations, prior in-principle approval from the recognised stock exchange(s) where units are proposed to be listed.
The offer document shall contain the disclosure regarding the prior in-principle approval obtained from the recognized stock exchange(s), where units are proposed to be listed in accordance with these regulations.
Every close ended scheme, other than an equity linked savings scheme, shall be listed on a recognised stock exchange within such time period and subject to such conditions as specified by the Board.
Provided that listing of close ended scheme launched prior to the commencement... shall not be mandatory if the said scheme provides for periodic repurchase facility... or monthly income... or details disclosed... or opens for repurchase within six months... or is a capital protection oriented scheme.
Units of a close ended scheme, other than those of an equity linked savings scheme, launched on or after the commencement... shall not be repurchased before the end of maturity period of such scheme.
The asset management company shall issue to the applicant whose application has been accepted, a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than thirty days from the date of closure of the initial subscription list.
An applicant in a close ended scheme whose application has been accepted shall have the option either to receive the statement of accounts or to hold units in dematerialised form... not later than thirty days from the date of closure of the initial subscription list.
The asset management company shall issue units in dematerialised form to a unitholder in a close ended scheme listed on a recognised stock exchange within two working days of the receipt of request from the unitholder.
A unitholder, in a close ended scheme listed on a recognised stock exchange, who desires to trade in units shall hold units in dematerialised form.
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Source: SecMarx — Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.