The rights of investors under SEBI (MF) regulations, 1993.
A. Investor Servicing
(a) Certificates:
An investor under a close ended scheme is entitled to receive the unit certificates on allotment within a period of 10 weeks from the date of closure of subscription lists. In case of an open ended Mutual Fund schemes this period is 6 weeks from the date of closure of the initial offer.
ADVERTISEMENTS:
(b) Transfer of Units:
An investor is entitled to get the unit certificates transferred within a period of 30 days from the date of lodgment of the certificates along with the relevant transfer forms.
(c) Refund:
If the total collections of the funds by a Mutual Fund is less than the statutory minimum (Closed ended funds: Rs. 20 crore, open ended funds: Rs. 50 crore or 60% of the targeted amounts whichever is higher) the applicants are entitled to receive the entire application monies as refund within a period of 6 weeks from the date of closure of subscription lists.
ADVERTISEMENTS:
If the refund is delayed beyond this period, the applicants are entitled to receive, along with the application money, interest at the rate of 15% p.a. for the period of delay.
B. Disclosures
(a) An investor under a Mutual Fund Scheme is entitled to receive information about the Net Asset Value at intervals not exceeding 3 months in case of open ended schemes and one month in the case of closed ended schemes. This information would be published in at least two daily newspapers.
(b) Every Mutual Fund is under an obligation to its investors to publish the audited annual report and unaudited half yearly report, through prominent newspapers in respect of each of its schemes, within 6 months and 3 months respectively of the date of closure of accounts.