Approval conditions for public companies and mutual funds require prescribed filings, staged capital investment, and annual certification. Approval for a public company or Mutual Fund under Schedule XV requires a prescribed application form, specified supporting documents, and filing within the relevant time limit. After approval, at least 25% of the capital raised must be invested within one year and the balance within three years, with annual certification by an accountant. Approval may be withdrawn for non-compliance with the investment conditions or failure to file the certificate, and any refusal of approval must follow a reasonable opportunity of being heard.