(1) The Collective Investment Management Company shall specify in theoffer document,—
(a) the minimum and the maximum subscription amount it seeks toraise under the 100 [collective investment scheme]; and
(b) in case of oversubscription the process of allotment of theamount oversubscribed.
(2) The Collective Investment Management Company shall refund theapplication money to the applicants,—
(i) if the 101 [collective investment scheme] fails to receive the minimum subscription amountreferred to in clause (a) of sub-regulation (1).
(3) Any amount refundable under sub-regulation (2) shall be refunded within aperiod of six weeks from the date of closure of subscription list, by RegisteredA.D. and by cheque or demand draft marked ―A/C Payee‖ to the applicants.
(4) In the event of failure to refund the amounts within the period specified insub-regulation (3), the Collective Investment Management Company shallpay interest to the applicants at a rate of fifteen per cent per annum on theexpiry of six weeks from the date of closure of the subscription list.
99 Substituted by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014,w.e.f. 9-1-2014.
100ibid.
101ibid.
Unit certificates
32. The Collective Investment Management Company shall issue to theapplicant whose application has been accepted, unit certificates as soon aspossible but not later than six weeks from the date of closure of thesubscription list :
Provided that if the units are issued through a depository, a receipt in lieu ofunit certificate will be issued as per provisions of Securities and ExchangeBoard of India (Depositories and Participants) Regulations, 1996 and byelawsof the depository.
Transfer of units