“The units of Mutual Fund schemes can be listed in the recognised stock exchange. Accordingly, the units of Mutual Fund schemes which are in the process of winding up in terms of Regulation 39(2)(a) of MF Regulations, shall be listed on recognised stock exchange, subject to compliance with listing formalities as stipulated by the stock exchange,” it said.
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However, the Securities and Exchange Board of India (SEBI) said that pursuant to listing, trading on stock exchange mechanism will not be mandatory for investors, and rather, if they so desire, they may avail an optional channel to exit provided to them.
Initially, trading in units of such a listed scheme that is under the process of winding up, shall be in dematerialised form. Asset management companies shall enable transfer of such units which are held in form of Statement of Account (SoA) or unit certificates.
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The stock exchange shall develop a mechanism along with registrar and transfer agent (RTA) for trading and settlement of such units held in the form of SoA or unit certificate.
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The AMC, its sponsor, employees of AMC and trustees shall not be permitted to transact – buy or sell – in the units of such schemes that are under the process of being wound up. The compliance of the same shall be monitored both by the Board of AMC and Trustees.
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The circular shall come into force with immediate effect and stock exchanges desirous of offering this facility, will have to submit the detailed operational modalities to SEBI, within next seven days.
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