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THE GAZETTE OF INDIA
EXTRAORDINARY
PART –III– SECTION 4
PUBLISHED BY AUTHORITY
New Delhi, April 16, 2008
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 16th April, 2008

SECURITIES AND EXCHANGE BOARD OF INDIA
(MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2008

F. No. LAD-NRO/GN/2008/03/123042. – In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely :-

1.These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008.

2.They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996–

(i) in regulation 2 –

(a)for clause (q), the following shall be substituted, namely:-

“(q) “mutual fund” means a fund established in the form of a trust to raise monies through the sale of units to the public or a section of the public under one or more schemes for investing in securities including money market instruments or gold or gold related instruments or real estate assets;

(b)after clause (s), the following clause shall be inserted, namely:-

“(sa) “real estate mutual fund scheme” means a mutual fund scheme that invests directly or indirectly in real estate assets or other permissible assets in accordance with these regulations;”

(ii)  in regulation 7, clause (g) shall be substituted with the following namely:-

“(g) appointment of custodian in order to keep custody of the securities or gold and gold related instrument or other assets of the mutual fund held in terms of these regulations, and provide such other custodial services as may be authorised by the trustees;”

(iii)  in regulation 26, in sub-regulation (1), after the existing proviso, the following proviso shall be inserted, namely:-

“Provided further that in case of a real estate mutual fund scheme, the title deed of real estate assets held by it may be kept in the custody of a custodian registered with the Board.”

(iv) in regulation 33, in sub-regulation 3, for clause (c), the following shall be substituted, namely:-

“(c) the initial issue expenses of the scheme launched prior to commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008 have been amortised fully in accordance with the Tenth Schedule.”

(v) in regulation 43,

(a) in sub-regulation (1) –

(i) in clause (d), the word “or” occurring at the end shall be omitted;

(ii) in clause (e), for the full stop, the figure and word “; or” shall be substituted;

(iii)after clause (e), the following clause shall be inserted, namely:-

“(f) real estate assets as defined in clause (a) of regulation 49A.”

(b) after sub-regulation (4), the following sub-regulation shall be inserted, namely:-

“(5) Moneys collected under a real estate mutual fund scheme shall be invested in accordance with regulation 49E.”

(vi) in regulation 44, in sub-regulation (5), clause (a) shall be omitted.

(vii) in regulation 49 –

(a) in sub-regulation (3), third proviso shall be omitted;

(b) for sub-regulation (3B), the following shall be substituted, namely: – “(3B) The conditions referred to in sub-regulation (3A) are the following:

(a) the scheme is launched after the commencement of the Securities and Exchange Board of India (Mutual Funds)(Second Amendment) Regulations, 2006 and prior to commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008;

(b)  initial issue expenses in respect of the scheme are accounted in the books of accounts of the scheme in accordance with Tenth Schedule.”.

(viii) after regulation 49, the following Chapter and regulations shall be inserted, namely:-

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