Review of Provisions relating to Close Ended Schemes
Summary
SEBI mandates that all new close-ended schemes, except ELSS, must list their units and compute NAV daily. Trustees are required to obtain in-principle listing approval before launch and ensure appropriate disclosures in the Scheme Information Document. Debt schemes must invest only in securities maturing on or before the scheme's maturity date.
Text
The units shall be mandatorily listed.
Listing fees shall be a permissible expense to be charged under Regulation 52(4).
Trustees shall ensure that before launch of the scheme the in-principle approval for listing has been obtained from the stock exchange(s) and appropriate disclosures are made in the Scheme Information Document.
NAV shall be computed and published on daily basis.
a close ended debt scheme shall invest only in such securities which mature on or before the date of the maturity of the scheme.
Schemes for which observations (final) under Regulation 29 of SEBI (Mutual Funds) Regulations, 1996 have been issued but are yet to be launched would be required to carry out the changes in Scheme Information Document and file the same with SEBI before the launch.
Source: SecMarx — Review of Provisions relating to Close Ended Schemes. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.