Money Market Mutual Fund designation permits a bank-operated fund subject to regulatory conditions and specified money-market investment rules. ABN Amro Bank Money Market Mutual Fund is designated as a Money Market Mutual Fund under clause (23D)(ii) of section 10, required to operate departmentally as Money Market Deposit Accounts, invest exclusively in specified short-term money-market instruments with prudential limits and prohibitions on capital-market exposure and inter-scheme borrowing, maintain segregated scheme-wise accounts audited by an independent auditor, calculate and disclose NAV periodically, provide repurchase facilities subject to a minimum lock-in, and comply with regulatory supervision, reporting and disclosure obligations.
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.
Money Market Mutual Fund designation permits a bank-operated fund subject to regulatory conditions and specified money-market investment rules.
ABN Amro Bank Money Market Mutual Fund is designated as a Money Market Mutual Fund under clause (23D)(ii) of section 10, required to operate departmentally as Money Market Deposit Accounts, invest exclusively in specified short-term money-market instruments with prudential limits and prohibitions on capital-market exposure and inter-scheme borrowing, maintain segregated scheme-wise accounts audited by an independent auditor, calculate and disclose NAV periodically, provide repurchase facilities subject to a minimum lock-in, and comply with regulatory supervision, reporting and disclosure obligations.
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 
