(1) Any person who has been operating a collective investment scheme atthe time of commencement of these regulations shall be deemed to be anexisting collective investment scheme and shall also comply with theprovisions of this Chapter.
Explanation :The expression ‗operating a collective investment scheme‘shall include carrying out the obligations undertaken in the various documentsentered into with the investors who have subscribed to the 187 [collective investment scheme].
(2) An existing collective investment scheme shall make an application to theBoard in the manner specified in regulation 5.
(3) The application made under sub-regulation (2) shall be dealt with in any ofthe following manner:
(a) by grant of provisional registration by the Board under sub-regulation(1) of regulation 71;
(b) by grant of a certificate of registration by the Board underregulation 10;
(c) by rejection of the application for registration by the Boardunder regulation 12.
No 188 [collective investment scheme] to be launched until grant of registration
69. No existing collective investment scheme shall launch any new 189 [collective investment scheme] orraise money from the investors even under the existing 190 [collective investment scheme], unless acertificate of registration is granted to it by the Board under regulation 10.
Consideration of application for grant of provisional registration