CHAPTER V ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) 72. (1) A FME managing AUM above USD 3 billion as at the close of a financial year or any other threshold of AUM as may be specified by the Authority, shall: (a) establish policy on governance around material sustainability-related risks and opportunities; (b) disclose in its annual report how the FME identifies, assesses and manages material sustainability-related risks; (c) establish and disclose in its annua... ... ...

71. (1) The offer document for ETFs shall clearly include all disclosures which are material for investors to make an informed decision regarding investing in such ETFs. (2) The disclosures in the offer document shall inter-alia include investment objective, the targeted investors, investment style or strategy, investment methodology, proposed fees and expenses, risk management practices, KMPs of the FME and other relevant details of the FME and the ETF. (3) Any material deviation or a... ... ...

70. Investors other than market makers may also directly approach the FME for redemption of ETFs, and no exit load shall be charged if: (a) Traded price (based on closing price) of the ETF units is at a discount of more than five per cent. (5%) of NAV for continuous thirty (30) trading days; or (b) No quotes are available on the recognised stock exchange for five (5) consecutive trading days; or (c) Total bid size on the recognised stock exchange is less than highe... ... ...

69. (1) A FME shall compute the NAV of each ETF on a daily basis and publish the same on its website and inform the same to the recognised stock exchange where it is listed for disclosure on its website. (2) The procedure and methodology for calculating the NAV should be fully documented, and such documentation should be regularly verified and amended, if required. =============... ... ...

68. (1) A FME shall appoint a market maker who shall be responsible for ensuring liquidity in the trading of ETF by way of providing two-way quotes. (2) shall be permitted to create units and seek redemptions directly from the FME. (3) Recognised Stock Exchange(s) may provide a simplified framework for authorisation of intermediaries registered with the Authority as market makers. (4) Recognised Stock Exchange(s) shall also provide detailed rules for market makers viz. maximum spre... ... ...

67. (1) Actively managed ETFs are such ETFs in which the FME has discretion over the composition of portfolio, in accordance with the stated investment objectives and policies. (2) An actively managed ETF shall disclose in its offer document and in all advertising material that it is an actively managed ETF, and shall disclose how it will meet the stated investment objectives including, where applicable, its intention to outperform an index. (3) Draft offer document for shall be filed... ... ...

66. (1) In case of a , at least ninety per cent. (90%) of the AUM should be invested in Silver or bullion instruments such as Bullion Depository Receipts with underlying Silver and Exchange Traded Commodity Derivatives (ETCD) with silver as the underlying: Provided that the exposure to ETCDs having silver as the underlying shall not exceed ten per cent. (10%) of AUM of the scheme: Provided further the limit of ten per cent. (10%) shall not be applicable to s where the intention is to t... ... ...

65. (1) In case of a , at least ninety per cent. (90%) of the AUM shall be invested in Gold or bullion instruments such as Bullion Depository Receipts with underlying Gold, and Exchange Traded Commodity Derivatives (ETCD) with gold as the underlying: Provided that the exposure to ETCDs having gold as the underlying shall not exceed ten per cent. (10%) of AUM of the scheme: Provided further that the limit of ten per cent. (10%) shall not be applicable to s where the intention is to take... ... ...

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES, I.P. ESTATE VYPAR BHAWAN: NEW DELHI-110002. (POLICY BRANCHI) No. F.3(43)/GST/Policy/2022/1250-60 Dated: 04/05/2022 ORDER Subject: 1. Disposal of the refund applications in a time bound manner is an integral part of the GST mechanism. In this regard, attention is drawn to Section 56 of the DGST Act as per which, if any tax to be refunded under sub-section 5 of Section 54 but is not refunded wit... ... ...

64. (1) shall invest at least ninety per cent. (90%) in the specified commodity or commodity related security / instrument as specified by the Authority. (2) For launching a commodity based ETF, the FME shall ensure that a KMP with at least than five (5) years of experience in dealing with commodities, is designated as a Fund Manager. =============... ... ...

63. (1) The FME may launch an ETF replicating a Debt Index of IFSC or India or foreign jurisdiction. (2) A debt index-based fund that seeks to replicate a particular index shall ensure that such index complies with the following norms :- (a) The index shall have a minimum five (5) issuers as its constituents; (b) No single issuer shall have more than twenty-five per cent. (25%) weightage in the index; and (c) The rating of the constituents of the index shall be ... ... ...

62. (1) A FME may launch an ETF replicating an Equity Index of IFSC or India or foreign jurisdiction. (2) An that seeks to replicate a particular index shall ensure that such index complies with the following norms :- (a) The index shall have a minimum of ten (10) stocks as its constituents; (b) For a sectoral/ thematic index, no single stock shall have more than thirty-five per cent. (35%) weightage in the index; and (c) For other than sectoral/ thematic indic... ... ...

CHAPTER IV EXCHANGE TRADED FUNDS (ETFs) 61. (1) Only Registered FMEs (Retail) may launch (ETFs) by filing the draft offer document with the Authority along with the applicable fees, at least twenty-one (21) working days before its launch. (2) The validity of the offer document for the launch of the ETF shall be twelve (12) months from the date of communication from the Authority to the FME that the offer document has been taken on record. Explanation.- For the purpose of the Inc... ... ...

60. (1) The norms regarding disclosures, valuation, computation of NAV, contribution by the FME in the scheme as applicable to a close ended restricted scheme under Chapter III of these regulations shall apply to a special situation fund. (2) A special situation fund shall be considered as a category under restricted schemes and accordingly a special situation fund shall additionally comply with such requirements as may be specified by the Authority for close ended restricted schemes from... ... ...

59. A special situation fund shall not borrow or engage in any leveraging activities other than to meet day-to-day operational requirements. =============... ... ...

58. (1) A special situation fund shall have the minimum corpus as may be specified by the Authority. (2) A special situation fund shall accept such eligible investors as may be specified by the Authority. (3) A special situation fund shall comply with such additional investment conditions as may be specified by the Authority. =============... ... ...

57. A special situation fund shall invest only in special situation assets. =============... ... ...

56. (1) A special situation fund shall only be a close-ended fund. (2) The tenure of a special situation fund, which shall not be less than three (3) years, shall be disclosed in the placement memorandum. (2) The tenure of a special situation fund may be extended up to two (2) years, subject to approval of two-thirds (2/3rd) of the investors by value of their investment in the scheme. (3) Further extension to the tenure of a special situation fund beyond the two (2) years period sha... ... ...

55. (1) A Registered FME may launch a special situation fund through a private placement memorandum by filing the memorandum with the Authority along with the applicable fees in the manner as specified by the Authority (2) The filing of scheme documents for restricted schemes shall be under a green channel whereby the schemes filed shall be open for subscription by investors immediately upon communication from the Authority to the FME that the placement memorandum has been taken on record... ... ...

Special situation assets include eligible stressed loans, security receipts issued by Reserve Bank-registered Asset Reconstruction Companies, and securities of companies connected with stressed loans, security receipts, insolvency proceedings, or continuing payment defaults. Default-related and insolvency-related securities require a "D" or equivalent downgrade. A special situation fund invests in these assets in accordance with its investment objectives and may act as a resolution applicant under the Insolvency and Bankruptcy Code, 2016.