|
2.(1) In these regulations, unless the context otherwise
requires:
(a) "Act" means the Securities and Exchange Board of India
Act, 1992 (15 of 1992);
(b) "advertisement" includes:
- notices,
brochures, pamphlets, circulars, showcards, catalogues, hoardings,
placards, posters, insertions in newspapers, pictures, films and cover
pages of offer documents;
- any other
matter to which publicity is given through print medium, radio,
television programmes or electronic media;
(c) "appraising agency" means an agency
empanelled with the Board for the purpose of conducting technical or financial
appraisal of the scheme;
(d) "associate" in relation to a collective investment
management company or trustee, includes a person:
(i) who, directly or indirectly, by himself, or in combination with
other persons, exercises control over the Collective Investment Management
Company or the trustee, as the case may be, or
(ii) in respect of whom the Collective Investment anagement Company or
the trustee, as the case may be directly or indirectly, by itself, or in
combination with other persons, exercises control, or
(iii) whose director, officer or employee is a director, officer or
employee of the Collective Investment Management Company or the trustee, as
the case may be;
(e) "auditor" means a person qualified to audit the accounts
of companies under the Companies Act, 1956;
(f) "Board" means the Securities and Exchange Board of India
established under the provisions of section 3 of the Act;
(g) "certificate" means a certificate of registration granted
under regulation 10 of these regulations;
(h)"Collective Investment Management Company" means a company
incorporated under the Companies Act, 1956 (1 of 1956) and registered with
the Board under these regulations, whose object is to organise, operate and
manage a collective investment scheme;
(i) "collective investment scheme" has the meaning assigned to
it by sub-regulation (2) of this regulation;
(j) "closed-ended scheme" means any scheme launched by a
Collective Investment Management Company, in which the period of maturity
of the scheme is specified and there is no provision for re-purchase before
the expiry of the maturity of the scheme;
(k) "control" or "controlling interest" means
control exercised or controlling interest held:
(i) in case of a company, by any person or combination of persons who
directly or indirectly own, control or hold shares carrying not less than
10% of the voting rights of such company; or
(ii) as between two companies, if the same person or combination of
persons, directly or indirectly, own, control or hold shares carrying not
less than 10% of the voting rights of each of the two companies; or
(iii) majority of the directors of any company who are in a position to
exercise control over the Collective Investment Management Company.
(l) "credit rating agency" means a body corporate registered
under Securities and Exchange Board of India (Credit Rating Agencies)
Regulations, 1999;
(m) "depository" means a body corporate as defined in the
Depositories Act, 1996 (22 of 1996);
(n) "economic offence" means an offence to which the Economic
Offences (Limitation of Prosecutions) Act, 1974 (12 of 1974) applies for
the time-being;
(o) "form" means any of the forms specified as such in the
First Schedule;
(p) "fraud", has the same meaning as is assigned to it in
section 17 of the Indian Contract Act, 1872 (9 of 1872);
(q)"inspecting officer" means any person appointed as such by
the Board under Chapter VII of these regulations;
(r) "key-personnel" in relation to a company, means the
persons who exercise effective control over its affairs;
(s) "net worth" means the aggregate value of the paid up
equity capital and free reserves (excluding funds created out of
revaluation), reduced by the aggregate value of accumulated losses and
deferred expenditure not written off, including miscellaneous expenses not
written off;
(t) "offer document" means any document by which applications
for subscribing to units of the scheme are invited from the public;
(u) "regulation" means a regulation forming part of these
regulations;
(v) "relative" means a person who is a relative, as defined in
section 6 of the Companies Act, 1956 (1 of 1956);
(w) "registrars to an issue and share transfer agent" means a
person registered as Registrars to an Issue and Share Transfer Agents under
the Securities and Exchange Board of India (Registrar to an Issue and Share
Transfer Agents) Regulations, 1993;
(x) "schedule" means any of the schedule appended to these
regulations;
(y) "scheme" means a collective investment scheme;
(z) "scheme property" includes:
(i) subscription of moneys or money's worth (including bank deposits) to
the scheme;
(ii) property acquired, directly or indirectly, with, or with the
proceeds of, subscription of money referred to in item (i) of this Clause
or
(iii) income arising, directly or indirectly, from subscription money or
property referred to in item (i) or (ii),
(aa) "securities laws" means:
- the Securities
and Exchange Board of India Act, 1992 (15 of 1992);
- the Securities
Contracts (Regulation) Act, 1956 (42 of 1956); and
- the Depositories
Act, 1996 (22 of 1996), as amended from time to time;
(bb) "stock broker" means a stock broker as
defined in Securities and Exchange Board of India (Stock Brokers and
Sub-brokers) Rules, 1992;
(cc) "trustee" means a person who holds the property of the
collective investment scheme in trust for the benefit of the unit holders,
in accordance with these regulations;
(dd) "unit" includes any instrument issued under a scheme, by
whatever name called, denoting the value of the subscription of a unit
holder; and
(ee) "unit holder" means a person holding a unit in a
scheme.
(2) 1"In
these regulations the expression collective investment scheme shall
have the same meaning as assinged to it under Section 11AA of the
Act".
-----------------------------------------
1Substituted by the
Securities and Exchange Board of India (Collective Investment Schemes)
(Amendment) Regulations, 2000, vide S.O 122 (E) dated 14.02.2000 for the
following "In these regulations, unless the context otherwise
requires, "collective investment scheme" means any scheme or
arrangement with respect to property of any description -
- the purpose of
which is to enable the investors to participate in the scheme or
arrangements by way of subscriptions and to receive profits or income
or produce arising from the management of such property or the
investments made thereof; and
- in which the
subscriptions of the investors by whatever name called, are pooled,
and are utilised for the purposes of the schemes or the arrangements;
and
- in which the
property or such subscriptions are managed on behalf of the investors,
who do not have day to day control over the management or operation of
the scheme,
whether or not such properties or subscriptions and the
investments made thereof are evidenced by identifiable properties or
otherwise;
Provided that following shall not be deemed to be a collective
investment scheme:
(a) acceptance of deposits by companies under section 58A of the
Companies Act, 1956 (1 of 1956) or by Non-Banking Financial Companies as
defined in section 45-I of the Reserve Bank of India Act, 1934 (2 of
1934);
(b) acceptance of funds by Chit Funds in terms of the Chit Funds Act,
1982 (40 of 1982);
(c) acceptance of funds by companies declared as Nidhi companies under
section 620A of the Companies Act, 1956, (1 of 1956), as per directions
issued under, section 637A of the said Act;
(d) contracts of insurance under the Insurance Act, 1938 (4 of
1938);
(e) any scheme of the employer as per Employees’ Provident Fund and
Miscellaneous Provisions Act, 1952, (19 of 1952); or any other recognised
Provident Fund under the Income Tax Act, 1961;
(f) arrangements of co-operative societies under the Co-operative
Societies Act, 1912 (2 of 1912) including Co-operative Societies registered
under any Provincial Act or State Act for the time being in force;
(g) any scheme under Securities and Exchange Board of India (Mutual
Funds) Regulations, 1996; or
(h) any other scheme or arrangement specifically exempted by the Board,
from the operation of these regulations".
--------------------------------------------
(3) Words and expressions used and not defined in these regulations, but
defined in the Act shall have the same meanings as are respectively
assigned to them in the Act.
|