Repurchase restriction on close-ended mutual fund units prevents early buybacks; conversion or rollover allowed with disclosure and consent. Close ended mutual fund units are prohibited from repurchase before maturity, except as otherwise specified, and may provide for periodic sale or redemption if the offer document discloses amounts and periodicity. Conversion to an open ended scheme is permitted where the offer document discloses the option and period or where unitholders are given an option to redeem in full. A scheme must be fully redeemed at maturity, but may be rolled over only with full disclosure of material terms and written consent of the unitholders, with non consenting unitholders allowed full redemption at net asset value.