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In a go aimed to even more safeguard the desire of mutual fund traders, Sebi has manufactured it mandatory for trustees of mutual funds to attain the consent of unitholders when bulk of trustees choose to wind up a scheme.

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Under the new norms, mutual fund trustees will be required to obtain the consent of the unitholders when the bulk of the trustees make your mind up to wind up a scheme or prematurely redeem the models of a shut-finished scheme.&#13
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The trustees will have to receive consent of unitholders by uncomplicated vast majority of the unitholders existing and voting on the basis of one vote for every device held and publish the results of voting inside of 45 days of the publication of notice of conditions major to winding up, Sebi explained in a notification issued on Tuesday.

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In circumstance the trustees fail to obtain the consent, Sebi explained the plan would be open up for business routines from the 2nd enterprise working day immediately after publication of outcomes of voting.

(This tale has not been edited by Small business Common employees and is car-produced from a syndicated feed.)

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