Collective investment scheme registration required for arrangements deemed CIS; must dematerialize units, use non-cash subscriptions and follow KYC. Any scheme or arrangement deemed to be a collective investment scheme under the proviso to section 11AA must apply for registration as a Collective Investment Management Company in Form A; schemes regulated or prohibited under other laws are excluded. The Collective Investment Management Company must enter into a depository agreement for dematerialization of units, accept subscription monies only through non cash banking channels, and comply with Board specified KYC norms. Existing schemes at commencement are deemed existing collective investment schemes and must apply for provisional registration as specified in regulation 5.
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.
Collective investment scheme registration required for arrangements deemed CIS; must dematerialize units, use non-cash subscriptions and follow KYC.
Any scheme or arrangement deemed to be a collective investment scheme under the proviso to section 11AA must apply for registration as a Collective Investment Management Company in Form A; schemes regulated or prohibited under other laws are excluded. The Collective Investment Management Company must enter into a depository agreement for dematerialization of units, accept subscription monies only through non cash banking channels, and comply with Board specified KYC norms. Existing schemes at commencement are deemed existing collective investment schemes and must apply for provisional registration as specified in regulation 5.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
