Real estate mutual fund schemes regulated to impose defined asset criteria, valuation standards, custody, governance and disclosure obligations. The amendment inserts a new regulatory Chapter for real estate mutual fund schemes, defining 'real estate asset' and 'real estate valuer', prescribing eligibility for sponsors and personnel, requiring schemes to be close-ended and listed, and mandating banking-channel transactions. It sets concentration and sponsor-related investment prohibitions, requires initial cost recognition and periodic fair value measurement using two independent valuers (lower valuation to be used), daily NAV calculation based on current valuations, and detailed governance, custody, insurance, accounting and disclosure obligations for asset managers and trustees.
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Real estate mutual fund schemes regulated to impose defined asset criteria, valuation standards, custody, governance and disclosure obligations.
The amendment inserts a new regulatory Chapter for real estate mutual fund schemes, defining "real estate asset" and "real estate valuer", prescribing eligibility for sponsors and personnel, requiring schemes to be close-ended and listed, and mandating banking-channel transactions. It sets concentration and sponsor-related investment prohibitions, requires initial cost recognition and periodic fair value measurement using two independent valuers (lower valuation to be used), daily NAV calculation based on current valuations, and detailed governance, custody, insurance, accounting and disclosure obligations for asset managers and trustees.
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