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.

PART D: SPECIAL SITUATION FUNDS 53. A Registered FME may launch a special situation fund in accordance with the provisions of this Chapter. =============... ... ...

An FME or its associate must contribute to a retail scheme at least one per cent of its assets under management or USD 200,000, whichever is lower. This obligation is excluded for relocated overseas funds or schemes and for fund of funds schemes investing in schemes with similar contribution requirements. The contribution must be made within forty-five days, maintained continuously, and may receive an extension. FME contributions may count towards applicable net-worth requirements.

Computation of NAV for retail schemes requires the Fund Management Entity to calculate net asset value daily for open-ended schemes and weekly for close-ended schemes, in the manner specified by the Authority. NAV calculation procedures and methodology must be fully documented, regularly verified, and amended as necessary.

50. (1) The FME and fiduciaries shall ensure compliance with the investment valuation norms as specified in the Sixth Schedule. (2) In line with the investment valuation norms, the assets of the scheme shall be valued by an independent service provider such as a fund administrator, a custodian or a credit rating agency, registered with the Authority, or a valuer registered with Insolvency and Bankruptcy Board of India or such other person as may be specified by the Authority: Provided ... ... ...

Borrowing by retail schemes is permitted only for temporary liquidity needs connected with redemption. The borrowing must not exceed twenty per cent of the scheme's assets under management and cannot remain outstanding for more than six months.

48. (1) The offer document for retail schemes shall clearly include all disclosures which are material for investors to make a decision regarding investing in such schemes. (2) The disclosures in the offer document shall inter-alia include disclosures regarding the investment objective, the targeted investors, proposed size, investment style or strategy, investment methodology, proposed tenure of the scheme fees and expenses, risk management practices, KMPs of the FME and other relevant d... ... ...

47. (1) In case of an open-ended scheme, the maximum investment in unlisted securities should not exceed fifteen per cent. (15%) of the total AUM of the scheme: Provided that this restriction shall not be applicable in case of investment in unlisted securities issued by an investment fund which is open-ended in nature, regulated by the concerned regulatory authority in its home jurisdiction, and is permitted for offering to retail investors in its home jurisdiction. (2) The minimum amo... ... ...

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES, I.P. ESTATE VYPAR BHAWAN: NEW DELHI-110002. (POLICY BRANCH) No. F.3(433)/GST/Policy/2022/1407-13 Dated 20.7.2022 ORDER Sub: 1. In a recent matter, Hon'ble Delhi High Court issued directions, dated 20-5-2022 in the matter of WP(C) 7110/2022 (Lord Krishna Traders Private Limited V/s Commissioner of Delhi Goods & Services Tax), that the Commissioner, DGST. will convene a formal meeting with P... ... ...

46. (1) Subject to other provisions of these regulations, a retail scheme may invest only in the following instruments or entities in IFSC, India or foreign jurisdictions :- (a) Securities listed or to be listed or traded on stock exchanges; (b) Unlisted securities; (c) Money market instruments; (d) Debt securities; (e) Securitised debt instruments, which are either asset backed or mortgage-backed securities; (f) Units of other investment... ... ...

45. (1) Retail schemes may be open-ended or close-ended. (2) The tenure of a close-ended scheme, which shall not be less than three (3) years, shall be disclosed in the offer document. (3) The tenure of the close ended scheme 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 and the approval of the Authority. (4) Retail schemes shall be constituted in IFSC as Company or Trust under the applicab... ... ...

44. Retail schemes shall have at least twenty (20) investors with no single investor investing more than twenty- five per cent. (25%) in a scheme and shall ensure compliance with this requirement within a maximum period of six (6) months from the closure of the offer. =============... ... ...

43. (1) No scheme shall be launched unless a draft offer document is filed with the Authority along with the applicable fees at least twenty-one (21) working days before the launch of the scheme. (2) The validity of the offer document for launch of the scheme 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 Income Tax Act, 1961, the communication received by th... ... ...