SEBI board meeting: Unit holders' approval required for closure of mutual fund scheme

Markets regulator SEBI has taken several decisions in the board meeting. The most important decision in this has been taken regarding mutual funds. Now the fund house will take approval from the unit holders before closing any of its schemes.

After the board meeting, SEBI said that many decisions have been taken today. In fact, in April 2020, Franklin Templeton suddenly closed its 6 debt scheme. Thereafter the investors filed a case against the company. However, till now his money is being returned to the investors. In this case, the court had appointed SBI Mutual Fund to return the money.

Franklin Templeton is continuously returning the money invested by the investors. SEBI said that if the unitholders vote against any such discontinued scheme, then such schemes will be re-opened for investment and the investment amount can be withdrawn from the second day onwards. With this, SEBI has also changed the mutual fund rules. From the financial year 2023-24, mutual fund houses will have to follow the Indian Accounting Standard.

With this, SEBI said that now in any company, if the shareholders reject the appointment of the chairman or whole-time director, managing director or managers in the general meeting, then approval for their reappointment will be necessary.

Whether it is for the first time or it is a matter of reappointment. In another decision, SEBI said that companies will now have to submit settlement applications within 60 days of receiving show cause or supplementary notices. SEBI had implemented the settlement rule in January 2019. According to this, in case of any mistake, companies can settle the matter with SEBI by paying a fee. If there is any revised settlement in this, then it has to be completed within 15 days.

Under this, all payments will be taken only through the payment gateway. Apart from this, now the rules for the sale of shares under the offer for sale in IPO have also been changed. In the offer for sale, the existing shareholders sell their stake.

Similarly, the lock-in time has been extended for anchor investors. Till now it was 30 days. That is, anchor investors could not sell their shares before 30 days of IPO coming. Now anchor investors can sell a 50% stake in 30 days and the rest 50% in 90 days.

This rule will come into effect from April 1, 2022. Anchor investors are those investors who invest a day before the opening of the IPO.




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