sebi:WTM/RKA/ISD/128/2016
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Facts / Headnote
Representation dated September 01, 2016 by Ms. Rohini Vijaysingh Patwardhan disposed of with clarification of the directions issued vide order dated August 26, 2016 read with the confirmatory order.
Holding
The WTM clarified that paragraphs 84, 85 and 86 of the order dated August 26, 2016 shall always be read with paragraph 10 thereof, and that all entities to whom the order applies are allowed to subscribe to and redeem mutual fund units, deal in Debt/Government Securities, invest in ETF, and enter into delivery based transactions in NSE Nifty 500 / S&P BSE 500 scrips as mentioned in paragraph 84 read with paragraphs 85 and 86.
Full text
Clarification to the confirmatory order dated August 26, 2016 Page 2 of 4 your attention to the fact that Mutual Funds investments are held in physical form and after intervention of SAT, you revised the relief to allow release of Mutual Funds of my husband vide relief letter dated June 9, 2016. iii. It is brought to your kind notice that on the date of the order, I held the following investments in demat and physical mode:
Clarification to the confirmatory order dated August 26, 2016 Page 3 of 4 c. Allow me to invest in all instruments other than equity shares of listed companies without any restraint and without any condition or supervision of any entity like \ Exchanges, Custodians etc. d. I may be allowed to sell the securities in my account and invest them in Mutual Funds or interest bearing instruments of my choice, which are more stable and suitable to my risk appetite at this age. e. Further in light of the fact that a loss of Rs. 1.84 Crores is inflicted upon me and my husband and the alleged LTCG as per the order dated August 26, 2016 is close to that amount, no restriction of escrow account or any other restriction should apply to my investments. (THIS WAS NOT A PART OF THE RELIEFS OF SAT APPEAL AS THE ORDER OF SEBI WAS ISSUED THEREAFTER).”
Clarification to the confirmatory order dated August 26, 2016 Page 4 of 4 dated August 26, 2016. iii) All the entities, to whom the order dated August 26, 2016 is applicable, are free to dematerialize the securities held in physical form and thereafter sell the said securities in the manner as mentioned in paragraph 85 of the order. The proceeds of such sale can also be utilized in accordance with paragraph 84 read with paragraphs 85 and 86 of the order.
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Source: SecMarx — sebi:WTM/RKA/ISD/128/2016. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.