Initial offering period of any mutual fund scheme (other than ELSS scheme) shall not be more than fifteen days
The Securities and Exchange Board of India (SEBI), on Wednesday, extended the initial offering period of mutual fund schemes that are under Rajiv Gandhi Equity Savings Scheme from 15 days to 30 days.
Initial offering period of any Mutual Fund scheme (other than ELSS scheme) shall not be more than fifteen days.
The Mutual Fund / AMC shall allocate the units, pay the refundable amount, if any, to the concerned applicants and also issue statement of accounts to the applicants whose applications has been accepted, within a period of five working days from the date of closure of initial subscription.
The maximum period for which initial offering of Mutual Fund scheme eligible under RGESS shall be open for subscription, is extended from the existing stipulation of fifteen days to thirty days.
Further, for Mutual Fund scheme eligible under RGESS, the period within which Mutual Fund/ AMC should allocate the units, refund money and issue statements of accounts, is extended from the existing requirement of five working days from the closure of the initial subscription to fifteen days from the closure of the initial subscription.