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of <h1>SEBI Caps Initial and Annual Expenses at 2% for Collective Investment Schemes Under 1999 Regulations</h1> The Securities and Exchange Board of India (SEBI) Collective Investment Schemes Regulations, 1999, outline the accounting norms, investment guidelines, and expense ceilings for collective investment schemes (CIS). Initial issue expenses, including marketing and management fees, are capped at 2% of funds raised. Annual recurring expenses, such as management fees and audit costs, also have a 2% ceiling. Direct costs related to scheme operations are chargeable, provided they are disclosed in the offer document. Accounting norms cover unit capital, land costs, crop and livestock development expenses, and fixed assets, with specific guidelines for valuation and revenue recognition. Financial statements must be scheme-specific, audited, and approved by fund managers and trustees.
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