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    <description>The insider trading and fraudulent-and-unfair-trade rules apply to the investment manager, its directors, key managerial personnel, sponsor, unit recipients, the employee benefit trust and its trustee in relation to unit based employee benefit schemes; employee stock option relaxations apply mutatis mutandis to such schemes; and trading window restrictions do not apply to issuance of units to the employee benefit trust in lieu of management fees.</description>
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