(1) The subscription amount received shall be kept in a separate bankaccount in the name of the 103 [collective investment scheme] and shall be utilised for—
(a) adjustment against allotment of units only after the trustee hasreceived a statement from the registrars to the issue and sharetransfer agent regarding minimum subscription amount, as stated inthe offer document, having been received from the public, or
(b) for refund of money in case minimum subscription amount, asstated in the offer document, has not been received or in case ofover-subscription.
(2) The minimum subscription amount as specified in the offer document shallnot be less than the minimum amount, as specified by the appraising agency,needed for completion of the project for which the 104 [collective investment scheme] is being launched.
(3) The moneys credited to the account of the 105 [collective investment scheme] shall be utilised for thepurposes of the 106 [collective investment scheme] and as specified in the offer document.
(4) Any unutilised amount lying in the account of the 107 [collective investment scheme] shall beinvested in the manner as disclosed in the offer document.
102Substituted by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014,w.e.f. 9-1-2014.
103ibid.
104ibid.
105ibid.
106ibid.
Investments and segregation of funds
35. The Collective Investment Management Company shall:
(a) not invest the funds of the 108 [collective investment scheme] for purposes other than theobjective of the 109 [collective investment scheme] as disclosed in the offer document.
(b) segregate the 110 [collective investment scheme] assets of different s 111 [collective investment scheme]s.
(c) not invest corpus of a 112 [collective investment scheme] in other 113 [collective investment scheme]s.
(d) not transfer funds from one 114 [collective investment scheme] to another 115 [collective investment scheme]:
Provided that inter-scheme transfer of 116 [collective investment scheme] property may bepermitted at the time of termination of the 117 [collective investment scheme] with priorapproval of the trustee and the Board.
Listing of 118 [collective investment scheme]s
36. The units of every 119 [collective investment scheme] shall be listed immediately after the date ofallotment of units and not later than six weeks from the date of closure of the 120 [collective investment scheme] on each of the stock exchanges as mentioned in the offer document.
Winding up of 121 [collective investment scheme]