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Procedure for launching of collective investment schemes

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....s 24. (1) No 3[collective investment scheme] shall be launched by the Collective Investment Management Company unless such 4[collective investment scheme] is approved by the Trustee. Rating (2) No 5[collective investment scheme] shall be launched by the Collective Investment Management Company without obtaining rating from a credit rating agency. Appraisal (3) No 6[collective investment sch....

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....itions, namely,- (a) minimum subscription amount of rupees twenty crore; (b) minimum twenty investors; and (c) no person shall hold more than twenty-five percent of the assets under management of scheme: Provided that where the collective investment scheme fails to comply with this sub-regulation, Collective Investment Management Company shall be liable to refund the application money to th....

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