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Transfer of proceeds and dividends: funds must remit within Board specified timeframes, with interest for delay and limited physical dispatch. The amendment replaces Regulation 53 to require mutual funds and asset management companies to transfer dividend payments and redemption or repurchase proceeds to unitholders within periods to be specified by the Board; asset management companies must pay interest to unitholders for delays at Board-specified rates. Payment of interest does not bar separate action for failure to transfer within stipulated time. Physical despatch of payments is limited to exceptional circumstances and must be recorded with reasons.
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Transfer of proceeds and dividends: funds must remit within Board specified timeframes, with interest for delay and limited physical dispatch.
The amendment replaces Regulation 53 to require mutual funds and asset management companies to transfer dividend payments and redemption or repurchase proceeds to unitholders within periods to be specified by the Board; asset management companies must pay interest to unitholders for delays at Board-specified rates. Payment of interest does not bar separate action for failure to transfer within stipulated time. Physical despatch of payments is limited to exceptional circumstances and must be recorded with reasons.
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