Sebi notifies rules on dividend, redemption proceeds to mutual fund unitholders
时间:2024-06-26 10:51:39 阅读(143)
Capital markets regulator Sebi has notified new rules for asset management companies (AMCs) pertaining to transfer of dividend and redemption proceeds to mutual fund unitholders. Under this, every mutual fund and asset management company would be required to transfer to the unitholders the dividend payments and the redemption or repurchase proceeds within a period specified by Sebi, the regulator said in a notification made public on Thursday.
In case of failure to transfer the proceeds within the specified period, the AMC would be liable to pay interest to the unitholders for the period of such delay. “Notwithstanding payment of such interest to the unit-holders…the asset management company may be liable for action for failure to transfer the redemption or repurchase proceeds or dividend payments within the stipulated time,” Sebi said.
It further said that physical despatch of redemption or repurchase proceeds or dividend payments would be carried out only in exceptional circumstances and AMCs would be required to maintain records along with reasons for all such physical despatches. To give this effect, the Securities and Exchange Board of India (Sebi) has amended mutual funds rules and the new norms would come into force from January 15.
Also read| NSE likely to introduce Electronic Gold Receipt shortly: Sebi executive director
Separately, the regulator has amended norms governing clearing corporations for orderly winding down of such corporations. Every clearing corporation would be required to ensure that the new framework provides for the timely and orderly settlement or transfer of position and the transfer of the collateral, deposit, margin or any other asset of the members to another recognised clearing corporation that would take over the operations of the clearing corporation.
In addition, Sebi has amended Alternative Investment Funds (AIF) rules in order to prescribe the timeline for declaring first close of a scheme of an AIF. “If the Alternative Investment Fund fails to declare the first close of the scheme in the specified manner, it shall be required to file a fresh application for launch of the scheme by paying the requisite scheme fee,” the regulator said
上一篇:India-focused offshore funds, ETFs see $126 million inflows in Q2
下一篇:World starts welcoming New Year with fireworks, prayers and some stark words
猜你喜欢
- FII DII data- DII bought shares worth Rs 388
- Impact on imports- Global factors causing rupee fall against dollar
- Impact on India’s external sector, growth seen marginal
- FII, DII data- FPIs bought shares worth Rs 331 cr, DIIs added shares worth Rs 703 cr on August 10, Thursday
- Edible oil imports may rise to 17 MT in 2022-23- Industry
- Indian bonds’ inclusion in global index likely in 2023, says Goldman Sachs
- EXPLAINER- Longer market hours- Gains & risks
- India Shelter Finance IPO subscribed 36
- India churns out most multibaggers among top markets