Securities And Exchange Board Of India
SEBI Board Meeting
Press Release PR No. 122/2010
The Board met today in Mumbai and took the following decisions:
Enhancement of Disclosure Requirements
The offer documents of companies raising capital shall contain disclosures from directors if they were directors of any company when the shares of the said company were suspended from trading by Stock Exchange(s) for more than 3 months during last 5 years or delisted.
Annual Expense for Fund of Fund (FoF) Schemes
FoF schemes may charge either of the following towards annual expenses:
I. As per the provisions under Regulation 52(6) of SEBI (Mutual Funds) Regulations, 1996 relating to fees and expenses including management fee, OR
II. Total expenses, not exceeding 2.50% of the average of net assets, consisting of:
a. Management fees of FoF not exceeding 0.75% of the average of net assets;
b. Other expenses relating to the FoF scheme; and
c. Charges levied by the underlying scheme/s.