Time Period for initial offering and allotment of units of Mutual Fund Scheme eligible under Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS)
Summary
This circular extends the initial offering period for Mutual Fund schemes eligible under the Rajiv Gandhi Equity Savings Scheme (RGESS) from fifteen days to thirty days. It also extends the timeline for allotment, refunds, and issuance of statements of accounts from five working days to fifteen days from the closure of subscription. The provisions are issued under Section 11(1) of the SEBI Act and Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.
Text
Initial offering period shall not be more than fifteen days; allocation, refund, and statement issuance within five working days from closure.
The maximum period for which initial offering of Mutual Fund scheme eligible under RGESS is extended to thirty days.
The period for allocation, refund, and issuance of statements is extended to fifteen days from the closure of initial subscription.
This circular shall come into force with immediate effect.
Provisions regarding RGESS schemes will be suitably amended in due course.
Issued under Section 11(1) of SEBI Act 1992 and Regulation 77 of SEBI (MF) Regulations 1996.
Source: SecMarx — Time Period for initial offering and allotment of units of Mutual Fund Scheme eligible under Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.