Subscription period of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Schemes not to exceed 30 days

Posted Date : 21-Jun-2013 , 10:19:16 pm | Posted By CASANSAAR print

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SEBI (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2013 - AMENDMENT IN REGULATIONS 34, 35 AND 36

NOTIFICATION NO. LAD-NRO/GN/12/6108, DATED 19-6-2013

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely:-

1. These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2013.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,-

i.		in regulation 34, the following new proviso shall be inserted, namely,-
		"Provided that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this regulation shall be not be more than thirty days."
ii.		in regulation 35,-

a.		in sub-regulation (3), the following proviso shall be inserted, namely,-
		"Provided that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this sub-regulation shall be fifteen days from the closure of the initial subscription list."
b.		in sub-regulation (4), the following proviso shall be inserted, namely,-
		"Provided that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this sub-regulation shall be fifteen days from the closure of the initial subscription list."

iii.

in regulation 36,-

a.		in sub-regulation (1), after the proviso, the following new proviso shall be inserted, namely,-
		"Provided further that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this sub-regulation shall be fifteen days from the closure of the initial subscription list."
b.		in sub-regulation (2), the following proviso shall be inserted, namely,-
		"Provided that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this sub-regulation shall be fifteen days from the closure of the initial subscription list. "

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