https://www.taxtmi.com/acts?id=43324 Reclassification of subordinate units to ordinary units requires statutory auditor certification and review by the trustee and audit committee; meeting the performance benchmark by the entitlement date converts subordinate units into an equal number of ordinary units per the Term Sheet, while failure to meet the benchmark leads to extinguishment without payment. The investment manager's board must recommend reclassification or extinguishment, the trustee must ensure regulatory compliance and approve, and the investment manager must notify stock exchanges, depositories and the Registrar and Transfer Agent and disclose the record date prior to listing. en-us Tue, 28 May 2024 13:27:52 +0530 Tue, 27 Aug 2024 12:17:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=43324 Reclassification of subordinate units to ordinary units requires statutory auditor certification and review by the trustee and audit committee; meeting the performance benchmark by the entitlement date converts subordinate units into an equal number of ordinary units per the Term Sheet, while failure to meet the benchmark leads to extinguishment without payment. The investment manager's board must recommend reclassification or extinguishment, the trustee must ensure regulatory compliance and approve, and the investment manager must notify stock exchanges, depositories and the Registrar and Transfer Agent and disclose the record date prior to listing. Act-Rules SEBI Tue, 28 May 2024 13:27:52 +0530 https://www.taxtmi.com/acts?id=43324