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CS Professional · IFSCA - Regulations, Listing and Compliances · Fund Management Services

IFSCA notifies Tapti Fund Managers, a registered FME, that it will inspect its books and records relating to the schemes it manages. Which response is correct?

The FME must keep proper books and records and produce them for inspection, cooperating fully with IFSCA. It cannot refuse on confidentiality grounds, hand over only selected records, or make inspection wait until after its annual report.

  1. AThe FME may refuse because records of schemes are confidential to investors
  2. BThe FME must maintain proper records and produce them and cooperate with the inspectionCorrect
  3. CThe FME may produce only the records it chooses to select
  4. DThe FME may insist that inspection happen only after it files its annual report

Explanation

A registered FME must maintain proper books and records and give IFSCA's inspecting officers access and cooperation. It cannot refuse, selectively produce records, or set conditions on timing.

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