Eligibility Criteria

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....rack record and general reputation of fairness and integrity in all business transactions. Explanation: For the purposes of this clause "sound track record" shall mean the sponsor should, - (i) ensure that the networth is positive in all the immediately preceding five years; and (ii) ensure that the positive liquid networth is more than the proposed capital contribu....

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....ponsor shall,- (i) adequately capitalize the MF Lite asset management company such that the net worth of the said asset management company is not less than rupees seventy five crore; and (ii) ensure that the initial shareholding of sponsor equivalent to capital contributed to the MF Lite asset management company to the extent of not less than rupees seventy five crore is locked-i....

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....in case of acquisition of stake in an existing MF Lite asset management company, the shareholding equivalent to at least rupees seventy five crore shall be locked in for three years. (vi) ensure that other conditions in this regard as may be specified by the Board from time to time are adhered to: Provided further that a private equity fund or a pooled investment vehicle or a poo....

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....bility criteria specified in these regulations; (e) the sponsor or any of its directors or the principal officer to be employed by the MF Lite should not have been guilty of fraud or has not been convicted of an offence involving moral turpitude or has not been found guilty of any economic offence; (f) appointment of debenture trustees to act as trustees for the MF Lite in accord....