Securities And Exchange Board Of India - Subsection
Section 71(1) in Securities And Exchange Board Of India (Collective Investment Schemes) Regulations, 1999
(1)The Board after being satisfied that the conditions specified in regulation 70 are fulfilled may grant provisional registration to the applicant subject to the following conditions, namely :-(a)the applicant shall get the existing schemes rated by a credit rating agency within [two] [Substituted by S.O. 75(E), dated 17.1.2002] year from the date of grant of provisional registration;(b)the applicant shall get the existing schemes audited by an auditor within a period of [two] [Substituted by S.O. 75(E), dated 17.1.2002] year from the date of grant of provisional registration;(c)the applicant shall get existing schemes appraised by an appraising agency within a period of [two] [Substituted by S.O. 75(E), dated 17.1.2002] year from the date of grant of provisional registration;(d)the applicant shall create a trust and appoint trustees in the manner specified in Chapter IV of these regulations within a period of [two] [Substituted by S.O. 75(E), dated 17.1.2002] year from the date of grant of provisional registration;(e)the applicant shall comply with accounting and valuation norms in respect of schemes floated before the commencement of these regulations as specified in Part II of the Ninth Schedule within a period of [two] [Substituted by S.O. 75(E), dated 17.1.2002] year from the date of provisional registration;(f)the applicant shall meet the minimum net worth of Rupees one crore within one year from the date of grant of provisional registration which shall be increased by Rupees one crore each within two years, three years, four years and five years from the date of grant of provisional registration;(g)the applicant shall not dispose of the scheme property except for meeting obligations arising under the offer document of the scheme;(h)the applicant shall comply with the conditions specified in regulation 11;(i)such other conditions which the Board may impose.
