Investment fund eligibility rules define look-through treatment, temporary compliance relaxations, fund manager remuneration, and reporting requirements. Procedure for an investment fund to avail the benefit under section 9(12) read with Schedule I to the Act is prescribed by setting out conditions for look-through treatment of institutional entities, temporary tolerance for specified non-fulfilment of eligibility conditions, the test for control or management of a business, minimum remuneration payable to a fund manager, and the approval mechanism where a lower remuneration is proposed. The rule also requires the fund manager to obtain and furnish an accountant's report in the prescribed form, and clarifies when a fund manager is not to be treated as a connected person merely by reason of fund management activity.
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Provisions expressly mentioned in the judgment/order text.
Investment fund eligibility rules define look-through treatment, temporary compliance relaxations, fund manager remuneration, and reporting requirements.
Procedure for an investment fund to avail the benefit under section 9(12) read with Schedule I to the Act is prescribed by setting out conditions for look-through treatment of institutional entities, temporary tolerance for specified non-fulfilment of eligibility conditions, the test for control or management of a business, minimum remuneration payable to a fund manager, and the approval mechanism where a lower remuneration is proposed. The rule also requires the fund manager to obtain and furnish an accountant's report in the prescribed form, and clarifies when a fund manager is not to be treated as a connected person merely by reason of fund management activity.
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