CS Executive · Capital Market and Securities Laws · Collective Investment Schemes
A registered collective investment scheme, including a mutual fund, fails to refund application monies to investors within the period specified in the regulations. Which clause of Section 15D covers this default?
Clause (e) of Section 15D covers failure by a registered collective investment scheme, including a mutual fund, to refund application monies within the period specified in the regulations. Other clauses deal with different defaults such as listing, despatch of unit certificates and investment of collected money.
- AClause (c)
- BClause (d)
- CClause (e)Correct
- DClause (f)
Explanation
Section 15D(e) deals with failure to refund application monies paid by investors within the period specified in the regulations. Clause (c) concerns listing applications, (d) despatch of unit certificates, and (f) investing collected money in the specified manner or period.
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