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of <h1>Mutual fund scheme launch conditioned on trustees' approval and Board observations; establishes 21-working-day review and staged filing fees</h1> An asset management company may launch a scheme only after trustees' approval and receipt of the Board's final observations on the filed offer document, thereby conditioning launch on both approvals. The Board (SEBI) is authorized to communicate observations, if any, within 21 working days of filing, thereby creating a statutory timeline for review. On filing the offer document the mutual fund must pay the minimum filing fee specified in the First Schedule, thereby mandating immediate fee remittance; the mutual fund must thereafter pay the balance filing fee as calculated under the First Schedule within such time as the Board specifies, thereby creating a subsequent payment obligation.
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