Permission to operate CIS
- Make an application to the Board with details and fees in prescribed format by the scheme manager
- Board will conduct inquiry and if finds appropriate give permission within 90 days
- if any notice, description, information, documents becomes necessary, the Board may demand such documents.
- Board may give permission in a manner that certificate of participation or a proof is to be given to a participant
- Board may specify necessary terms and conditions in relation to operation and issue of certificate of participation and also may make necessary modification or alterations in such conditions
Operation of CIS
- Depending upon interest and needs of the participants, such CIS manager may operate CIS of one or several types and by one or several names as prescribed
- Scheme manager shall, prior to operating any scheme, make an agreement with depository as prescribed.
Published By
Aadesh Kandel
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