(1) No 82 [collective investment scheme] shall be launched by the Collective InvestmentManagement Company unless such 83 [collective investment scheme] is approved by the Trustee.
Rating
(2) No 84 [collective investment scheme] shall be launched by the Collective Investment ManagementCompany without obtaining rating from a credit rating agency.
Appraisal
(3) No 85 [collective investment scheme] shall be launched by the Collective Investment ManagementCompany without getting the 86 [collective investment scheme] appraised by an appraising agency.
Close ended 87 [collective investment scheme] and 88 [collective investment scheme] duration
(4) Collective Investment Management Company shall:—
(a) launch only close ended 89 [collective investment scheme]s;
(b) the duration of the 90 [collective investment scheme]s shall not be of less than threecalendar years.
Insurance
(5) Collective Investment Management Company shall obtain adequateinsurance policy for protection of the 91 [collective investment scheme]e property.
80 Substituted by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014,w.e.f. 9-1-2014.
81ibid.
82ibid.
83ibid.
84ibid.
85ibid.
86ibid.
87ibid.
88ibid.
89ibid.
90ibid.
91ibid.
No guaranteed returns
25. No 92 [collective investment scheme] shall provide guaranteed or assured returns.
Provided that indicative return may be indicated in the offer document only, ifthe same is assessed by the appraising agency and expressed in monetaryterms.
Disclosures in the offer document