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Regulation 34 - Money to be kept in separate account and utilisation of money
Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 Chapter V COLLECTIVE INVESTMENT SCHEMES OF COLLECTIVE INVESTMENT MANAGEMENT COMPANY
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Separate account for subscription funds ensures use only after minimum subscription confirmation or refund/oversubscription processing. Subscription monies for a collective investment scheme must be kept in a separate bank account and applied to allotment only after the trustee receives a registrar/transfer agent statement confirming the offer document's minimum subscription has been received; refunds are required if the minimum is not met or in cases of over subscription. The offer document's minimum subscription must not be less than the appraising agency's specified amount necessary to complete the project. Scheme moneys must be used for scheme purposes as specified and any unutilised funds invested as disclosed in the offer document.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Separate account for subscription funds ensures use only after minimum subscription confirmation or refund/oversubscription processing.
Subscription monies for a collective investment scheme must be kept in a separate bank account and applied to allotment only after the trustee receives a registrar/transfer agent statement confirming the offer document's minimum subscription has been received; refunds are required if the minimum is not met or in cases of over subscription. The offer document's minimum subscription must not be less than the appraising agency's specified amount necessary to complete the project. Scheme moneys must be used for scheme purposes as specified and any unutilised funds invested as disclosed in the offer document.
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