Segregation of funds and securities required for eligible fund managers, alongside disclosure, custodian, banking and AML compliance obligations. Regulation 12E requires eligible fund managers to comply with Section 9A of the Income tax Act, offer discretionary or non discretionary or advisory services to eligible investment funds, operate under mutually agreed contracts, provide material disclosures and quarterly reports, segregate funds and securities of each eligible investment fund and from other clients, maintain segregated books and accounts, appoint a custodian unless already appointed by the fund, keep fund monies in scheduled commercial banks unless the fund will not invest in Indian securities, maintain additional records as specified by the Board, and ensure AML compliance.
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.
Segregation of funds and securities required for eligible fund managers, alongside disclosure, custodian, banking and AML compliance obligations.
Regulation 12E requires eligible fund managers to comply with Section 9A of the Income tax Act, offer discretionary or non discretionary or advisory services to eligible investment funds, operate under mutually agreed contracts, provide material disclosures and quarterly reports, segregate funds and securities of each eligible investment fund and from other clients, maintain segregated books and accounts, appoint a custodian unless already appointed by the fund, keep fund monies in scheduled commercial banks unless the fund will not invest in Indian securities, maintain additional records as specified by the Board, and ensure AML compliance.
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