Suspension or cancellation of mutual fund registration halts operations and empowers the regulator to direct transfer of records to protect unit holders. On suspension, the mutual fund, trustees and asset management company must cease carrying on activities and remain subject to the Board's directions regarding records, documents and securities; on cancellation they must immediately cease activities. The Board may direct transfer or preservation of records, documents and securities and may appoint a person or another trustee/asset management company for that purpose, determining the terms and conditions of such appointment to protect unit holders.
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.
Suspension or cancellation of mutual fund registration halts operations and empowers the regulator to direct transfer of records to protect unit holders.
On suspension, the mutual fund, trustees and asset management company must cease carrying on activities and remain subject to the Board's directions regarding records, documents and securities; on cancellation they must immediately cease activities. The Board may direct transfer or preservation of records, documents and securities and may appoint a person or another trustee/asset management company for that purpose, determining the terms and conditions of such appointment to protect unit holders.
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