Mutual fund regulations repealed but prior approvals, proceedings, rights, and pending applications remain effective under new rules. Regulation 85 repeals the 1996 Mutual Funds Regulations on commencement while preserving continuity: actions, approvals, registrations, fees, schemes, ... Summary
Securities and Exchange Board of India (Mutual Funds) Regulations, 1996
Mutual fund regulations repealed but prior approvals, proceedings, rights, and pending applications remain effective under new rules.
Regulation 85 repeals the 1996 Mutual Funds Regulations on commencement while preserving continuity: actions, approvals, registrations, fees, schemes, proceedings, and penalties under the repealed regulations are deemed to have been taken under corresponding new provisions; pending applications are to be dealt with under the new regulations; and infrastructure debt fund schemes launched before notification remain governed by the 1996 Regulations until wound up.
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