SEBI has
directed mutual fund houses to invest 1% of the total funds raised or Rs.50
lakh..!
The mutual fund
regulator SEBI has directed fund houses to invest 1% of the total funds raised
or Rs.50 lakh, whichever is lesser in growth option of their new fund offers (NFOs).
Interestingly,Indian
mutual fund houses cannot withdraw this corpus till the closure of their
scheme.
In a press
release, SEBI said, “The sponsor or asset management company is required to
invest not less than one percent of the amount which would be raised in the new
fund offer or fifty lakh rupees, whichever is less in such option of the scheme
as may be specified by the board.”
SEBI further said,
“In this regard, it has been decided that the referred investment shall be made
in growth option of the scheme. For such schemes where growth option is
not available the investment shall be made
in the dividend reinvestment option of
the scheme. Further, for such schemes where growth option as well
as dividend reinvestment option are not available the investment shall be made
in the dividend option of the scheme.”
This has come into
effect immediately. (June 17, 2020)
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