Initial Issue Expenses: closed-ended schemes may charge initial issue expenses; open-ended schemes must use entry load. Initial issue expenses are permitted only for closed-ended schemes, which then must not levy entry load; amortised issue expenses may be recovered proportionately on redemption prior to full amortisation, and conversion to open-ended status or fresh issuance is allowed only after full recovery of unamortised issue expenses. Trustees must fix dividend quantum and record date, dividends are payable only from distributable surplus, NAV will be adjusted for payout and statutory levy on the record date, and AMCs must issue timely public notice; frequent dividend options with disclosure may be exempt from notice requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Initial Issue Expenses: closed-ended schemes may charge initial issue expenses; open-ended schemes must use entry load.
Initial issue expenses are permitted only for closed-ended schemes, which then must not levy entry load; amortised issue expenses may be recovered proportionately on redemption prior to full amortisation, and conversion to open-ended status or fresh issuance is allowed only after full recovery of unamortised issue expenses. Trustees must fix dividend quantum and record date, dividends are payable only from distributable surplus, NAV will be adjusted for payout and statutory levy on the record date, and AMCs must issue timely public notice; frequent dividend options with disclosure may be exempt from notice requirements.
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