{"id":266726,"date":"2022-05-11T10:30:51","date_gmt":"2022-05-11T05:00:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=266726"},"modified":"2022-05-11T09:29:22","modified_gmt":"2022-05-11T03:59:22","slug":"sebi-collective-investment-schemes-amendment-regulations-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/11\/sebi-collective-investment-schemes-amendment-regulations-2022\/","title":{"rendered":"SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page16R_mcid50\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Securities and Exchange Board has notified SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022 <\/span><span dir=\"ltr\" role=\"presentation\">to further amend the SEBI <\/span><span dir=\"ltr\" role=\"presentation\">(Collective Investment Schemes) Regulations, 1999.<br \/>\n<\/span><\/span><\/p>\n<h4 style=\"text-align: justify;\">Key amendments:<\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid53\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The definition of &#8216;designated employees has been inserted. <\/span><\/span><span id=\"page16R_mcid58\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(ea) designated employees <\/span><span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">Collective<\/span> <span dir=\"ltr\" role=\"presentation\">Investment<\/span> <span dir=\"ltr\" role=\"presentation\">Manage<\/span><span dir=\"ltr\" role=\"presentation\">ment<\/span> <span dir=\"ltr\" role=\"presentation\">Company <\/span><span dir=\"ltr\" role=\"presentation\">includes:<\/span><\/span><span id=\"page16R_mcid59\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li><span id=\"page16R_mcid59\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">chief executive officer, chief investment officer, chief risk officer, chief <\/span><span dir=\"ltr\" role=\"presentation\">information<\/span> <span dir=\"ltr\" role=\"presentation\">security<\/span> <span dir=\"ltr\" role=\"presentation\">officer,<\/span> <span dir=\"ltr\" role=\"presentation\">chief<\/span> <span dir=\"ltr\" role=\"presentation\">operation<\/span> <span dir=\"ltr\" role=\"presentation\">officer,<\/span> <span dir=\"ltr\" role=\"presentation\">fund<\/span> <span dir=\"ltr\" role=\"presentation\">manager, <\/span><span dir=\"ltr\" role=\"presentation\">compliance officer, sales<\/span> <span dir=\"ltr\" role=\"presentation\">head, investor relation officer, heads of other <\/span><span dir=\"ltr\" role=\"presentation\">departments<\/span> <span dir=\"ltr\" role=\"presentation\">and<\/span> <span dir=\"ltr\" role=\"presentation\">dealer<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">Collective<\/span> <span dir=\"ltr\" role=\"presentation\">Investment<\/span> <span dir=\"ltr\" role=\"presentation\">Management <\/span><span dir=\"ltr\" role=\"presentation\">Company;<\/span><\/span><span id=\"page16R_mcid60\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page16R_mcid60\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">persons directly reporting to the chief executive officer (excluding personal <\/span><span dir=\"ltr\" role=\"presentation\">assistant\/ secretary);<\/span><\/span><span id=\"page16R_mcid61\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page16R_mcid61\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">fund management team and research team;<\/span><\/span><span id=\"page16R_mcid62\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page16R_mcid62\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">other<\/span> <span dir=\"ltr\" role=\"presentation\">employees<\/span> <span dir=\"ltr\" role=\"presentation\">as<\/span> <span dir=\"ltr\" role=\"presentation\">identified<\/span> <span dir=\"ltr\" role=\"presentation\">by<\/span> <span dir=\"ltr\" role=\"presentation\">Collective<\/span> <span dir=\"ltr\" role=\"presentation\">Investment<\/span> <span dir=\"ltr\" role=\"presentation\">Management <\/span><span dir=\"ltr\" role=\"presentation\">Companies or trustees.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\n<ul style=\"text-align: justify;\">\n<li>A new provision Rule 9B has been inserted dealing with voting rights of no collective investment management company.<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page23R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">No Collective Investment M<\/span><span dir=\"ltr\" role=\"presentation\">anagement Company or a promoter of a Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment Management Company, their associates or group companies, through the <\/span><span dir=\"ltr\" role=\"presentation\">schemes of the Collective Investment Management Company or otherwise, individually <\/span><span dir=\"ltr\" role=\"presentation\">or collectively, directly or indirectly, have<\/span> <\/span><span id=\"page23R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a) <\/span><span dir=\"ltr\" role=\"presentation\">ten percent<\/span> <span dir=\"ltr\" role=\"presentation\">or more of the shareholding or voting rights in the Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment Management Company or the trustee company of any other Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment Management Company; or <\/span><\/span><span id=\"page23R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">representation on the board of the Collective Investment Management Company <\/span><span dir=\"ltr\" role=\"presentation\">or<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">trustee<\/span> <span dir=\"ltr\" role=\"presentation\">company<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">any<\/span> <span dir=\"ltr\" role=\"presentation\">other<\/span> <span dir=\"ltr\" role=\"presentation\">Collective<\/span> <span dir=\"ltr\" role=\"presentation\">Investment<\/span> <span dir=\"ltr\" role=\"presentation\">Management <\/span><span dir=\"ltr\" role=\"presentation\">Company.<\/span><\/span><span id=\"page23R_mcid3\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page23R_mcid1\" class=\"markedContent\"><\/span><span id=\"page23R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Any shareholder holding ten percent or more of the shareholding or voting rights in the <\/span><span dir=\"ltr\" role=\"presentation\">Collective Investment Management Company or the trustee company of a Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment Management Company, shall not have, directly or indirectly,- <\/span><\/span><span id=\"page23R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">ten percent<\/span> <span dir=\"ltr\" role=\"presentation\">or more of the shareholding or voting rights in the Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment Management Company or the trustee company of any other Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment Management Company; or <\/span><\/span><span id=\"page23R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">representation on the board of the Collective Investment Management Company or <\/span><span dir=\"ltr\" role=\"presentation\">the trustee company of any other Collective Investment Management Company:<\/span><\/span><span id=\"page23R_mcid6\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page23R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that in the event of a merger, acquisition, scheme of arrangement or any other <\/span><span dir=\"ltr\" role=\"presentation\">arrangement<\/span> <span dir=\"ltr\" role=\"presentation\">involving<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">promoters<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">Collective<\/span> <span dir=\"ltr\" role=\"presentation\">Investment<\/span> <span dir=\"ltr\" role=\"presentation\">Management <\/span><span dir=\"ltr\" role=\"presentation\">Company, shareholders of the Collective Investment Management Company or trustee <\/span><span dir=\"ltr\" role=\"presentation\">companies,<\/span> <span dir=\"ltr\" role=\"presentation\">their<\/span> <span dir=\"ltr\" role=\"presentation\">associates<\/span> <span dir=\"ltr\" role=\"presentation\">or<\/span> <span dir=\"ltr\" role=\"presentation\">group<\/span> <span dir=\"ltr\" role=\"presentation\">companies<\/span> <span dir=\"ltr\" role=\"presentation\">which<\/span> <span dir=\"ltr\" role=\"presentation\">results<\/span> <span dir=\"ltr\" role=\"presentation\">in<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">incidental <\/span><span dir=\"ltr\" role=\"presentation\">acquisition of shares, voting rights or representation on the board of the Collective <\/span><span dir=\"ltr\" role=\"presentation\">Investment<\/span> <span dir=\"ltr\" role=\"presentation\">Management<\/span> <span dir=\"ltr\" role=\"presentation\">Company<\/span> <span dir=\"ltr\" role=\"presentation\">or trustee companies, this<\/span> <span dir=\"ltr\" role=\"presentation\">regulation shall<\/span> <span dir=\"ltr\" role=\"presentation\">be <\/span><span dir=\"ltr\" role=\"presentation\">complied<\/span> <span dir=\"ltr\" role=\"presentation\">with<\/span> <span dir=\"ltr\" role=\"presentation\">within<\/span> <span dir=\"ltr\" role=\"presentation\">a<\/span> <span dir=\"ltr\" role=\"presentation\">period<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">one<\/span> <span dir=\"ltr\" role=\"presentation\">year<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">coming<\/span> <span dir=\"ltr\" role=\"presentation\">into<\/span> <span dir=\"ltr\" role=\"presentation\">force<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">such<\/span> <span dir=\"ltr\" role=\"presentation\">an <\/span><span dir=\"ltr\" role=\"presentation\">arrangement.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page23R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Sub-regulation (6) of regulation 24 has been inserted dealing with closure of subscription list. <\/span><\/span><span id=\"page23R_mcid12\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><span id=\"page23R_mcid13\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(6) Each collective investment scheme shall immediately after the closure of the subscription <\/span><span dir=\"ltr\" role=\"presentation\">list comply with the following conditions, namely,-<\/span><\/span><span id=\"page23R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">minimum subscription amount of rupees twenty crore;<\/span><\/span><span id=\"page23R_mcid15\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">minimum twenty investors; and<\/span><\/span><span id=\"page23R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(c)<\/span> <span dir=\"ltr\" role=\"presentation\">no<\/span> <span dir=\"ltr\" role=\"presentation\">person<\/span> <span dir=\"ltr\" role=\"presentation\">shall<\/span> <span dir=\"ltr\" role=\"presentation\">hold<\/span> <span dir=\"ltr\" role=\"presentation\">more<\/span> <span dir=\"ltr\" role=\"presentation\">than<\/span> <span dir=\"ltr\" role=\"presentation\">twenty-five<\/span> <span dir=\"ltr\" role=\"presentation\">percent<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">assets<\/span> <span dir=\"ltr\" role=\"presentation\">under <\/span><span dir=\"ltr\" role=\"presentation\">management of scheme:<\/span><\/span><span id=\"page23R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u00a0Provided that where the collective investment scheme fails to comply with this sub- <\/span><span dir=\"ltr\" role=\"presentation\">regulation, Collective Investment Management Company shall be liable to refund the <\/span><span dir=\"ltr\" role=\"presentation\">application money to the applicants.<\/span><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Board has notified SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022 to further amend the SEBI (Collective Investment Schemes) <\/p>\n","protected":false},"author":8808,"featured_media":264666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-266726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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