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<h1>Regulation 25 prohibits guaranteed returns in investment schemes; allows indicative returns if appraised and monetarily expressed.</h1> Regulation 25 of the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, prohibits any collective investment scheme from offering guaranteed or assured returns. However, an indicative return may be mentioned in the offer document if it has been assessed and expressed in monetary terms by an appraising agency. This regulation was amended by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014, effective from January 9, 2014.