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of <h1>Unit holding mode election (statement-of-accounts or dematerialized) requires immediate crediting on allotment and time-bound conversion on request</h1> Applicants under a scheme may elect units to be held either in statement-of-accounts mode or in dematerialized mode, creating an investor choice of holding format; the operative effect is that units will be recorded according to that election. The asset management company is required to credit allotted units to the investor's account in the mode specified by the investor immediately upon allotment, creating an immediate crediting obligation. On a unitholder's request to change holding mode, the asset management company must credit units in the newly specified mode within the time period to be prescribed by the Board, creating a time-bound conversion duty.
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