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It has now been decided to raise the investment limit on foreign securities as outlined in the above Circular to 10% of net assets of each mutual fund as on March 31, 2002. However, a minimum of US$ 5 million and maximum of US$ 50 million is permissible to each mutual fund irrespective of size of assets.
It has been observed that debt instruments issued by some of the issuer companies are admitted only on one of the Depositories.
n view of the representations received on not to charge Account closure charges, the matter was discussed in the meeting of Working Group on Dematerialisation held on 18th October 2002
Notwithstanding the extensions granted in the above manner, the arbitral tribunal shall make the arbitral award within a period of six months from the date of entering into reference i.e. extension of time of award can be for a maximum period of three months.
These regulations may be called the Securities and Exchange Board of India (Mutual Funds) Fourth Amendment Regulations, 2002.(ii) They shall come into force on the date of their publication in the official gazette.2. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,
Please refer to the Operative Guidelines on the two-way fungibility under the issue of “Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993” issued by Reserve Bank of India (“RBI”) vide its circular no. 21 (DIR Series) dated February 13, 2002.
The Indian securities market has undergone through a rapid expansion during the last decade such as dematerialization, rolling settlement, shorter settlement cycles etc.
After identifying the same, the mutual funds shall review the progress made on implementation of the systems on a monthly basis and place the progress report in periodical meetings of Boards of AMCs and trustees. The mutual funds shall ensure full compliance of all the risk management practices within a period of six months.
All Exchanges are advised to forward the turnover details in conformity with the revised certification format and also bring the revised auditors certification format to the notice of members.
considered by the Government and it has been decided that the two way fungibility scheme can be kept on hold for OCBs for the time being till a full review is made. Hence, the scheme can be operated only for foreign investors other than OCBs.
