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of <h1>Regulation 41 details winding up mutual fund schemes, requiring unit holders' approval and asset sale for liability settlement.</h1> Regulation 41 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 outlines the procedure for winding up mutual fund schemes. Trustees must call a unit holders' meeting to approve the winding up by a simple majority, unless the scheme ends at maturity. Authorized persons must sell the scheme's assets in the best interest of unit holders, using proceeds to settle liabilities before distributing the balance to unit holders. Upon completion, a report detailing the winding up process must be sent to the Board and unit holders. Disclosure requirements remain applicable until winding up is complete.
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