Copies of gazette notifications of SEBI (Mutual Funds) (Amendment) Regulations 2009

SEBI vide its circular SEBI / IMD / CIR No. 1/ 165935 / 2009 dated June 9, 2009 has issued copies of gazette notifications of SEBI (Mutual Funds) (Amendment) Regulations 2009 and SEBI (Mutual Funds) (Second Amendment) Regulations 2009. The key changes brought about by these amendments are as follows: - 

SEBI (Mutual Funds) (Second Amendment) Regulations 2009

· Mutual fund scheme cannot invest more than thirty percent of its net assets in money market instruments of an issuer. The limits do not cover government bonds, treasury bills and collateralized borrowing and lending obligation. (Notified on June 5, 2009 and is effective from that date).

 
SEBI (Mutual Funds) (Amendment) Regulations 2009

· Notified on April 8, 2009 and is effective from that date. 
· The AMC should obtain, wherever required under the regulations, prior in-principle approval from the recognised stock exchange(s) where units are proposed to be listed.
· Every close ended scheme, other than an equity linked savings scheme, should be listed on a recognised stock exchange within such time period and subject to such conditions as specified by the Board. But close ended scheme launched prior to the commencement of these amendment regulations need not be compulsorily listed if it qualifies certain conditions mentioned in the regulations.
· Units of a close ended scheme, other than those of an equity linked savings scheme, launched on or after the commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009 should not be repurchased before the end of maturity period of such scheme.
· AMC should issue to the applicant whose application has been accepted, a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than thirty days from the date of closure of the initial subscription list and/or from the date of receipt of the request from the unit holders in any open ended scheme.