Mutual fund approval guidelines require timed investment, prescribed filings, and hearing before refusal or withdrawal of approval. Prescribes the procedure for approval of a Mutual Fund for tax exemption or relief, with the Central Board of Direct Taxes as the prescribed authority. The Mutual Fund must apply in Form No. 59A before the public issue, supported by audited financial statements and a SEBI registration certificate. It must invest its paid-up capital within specified time limits, file an accountant's certificate of yearly investments, and may face withdrawal of approval for non-compliance with the investment or certification requirements.