Underwriting obligations treated as investments; mutual funds must meet capital adequacy from scheme net assets and cap underwriting by NAV. Regulation 46 allowed mutual funds, upon registration as underwriters, to enter underwriting agreements; underwriting obligations were to be treated as investments, capital adequacy was measured by the scheme's net assets, and underwriting obligations could not exceed the scheme's total net asset value.
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Provisions expressly mentioned in the judgment/order text.
Underwriting obligations treated as investments; mutual funds must meet capital adequacy from scheme net assets and cap underwriting by NAV.
Regulation 46 allowed mutual funds, upon registration as underwriters, to enter underwriting agreements; underwriting obligations were to be treated as investments, capital adequacy was measured by the scheme's net assets, and underwriting obligations could not exceed the scheme's total net asset value.
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