March 29, 2024

Tannochbrae

Built Business Tough

Winding up of schemes only after majority unitholders’ nod: Sebi

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In a go aimed to more safeguard the desire of mutual fund traders, Sebi has made it obligatory for trustees of mutual funds to get the consent of unitholders when greater part of trustees choose to wind up a plan.

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Less than the new norms, mutual fund trustees will be expected to get the consent of the unitholders when the greater part of the trustees come to a decision to wind up a plan or prematurely redeem the models of a shut-finished scheme.&#13
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The trustees will have to get hold of consent of unitholders by basic vast majority of the unitholders present and voting on the basis of a person vote for every unit held and publish the effects of voting in 45 times of the publication of observe of conditions foremost to winding up, Sebi claimed in a notification issued on Tuesday.

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In situation the trustees are unsuccessful to get the consent, Sebi said the scheme would be open up for business enterprise activities from the next organization working day immediately after publication of outcomes of voting.

(This tale has not been edited by Small business Conventional team and is automobile-created from a syndicated feed.)

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