Regulation 40 - To maintain proper books of account and records, etc. - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

CHAPTER VI GENERAL OBLIGATIONS To maintain proper books of account and records, etc. 40. (1) Every Collective Investment Management Company shall- (a) keep and maintain proper books of account, records and documents, for each 1 [collective investment scheme] so as to explain its transactions and to disclose at any point of time the financial position of each 2 [collective investment scheme] and in particular give a true and fair view of the state of affairs of the 3 [collective investment scheme], and (b) intimate to the Board and the trustees the place where such books of account, records and documents including computer records are maintained. (2) Every Collective Investment Management Company shall continue to maintain and preserve, for a period of five years after the close of each 4 [collective investment scheme], its books of account, records, computer data and documents. ************** NOTES:- 1 ibid. 2 ibid. 3 Substituted by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014, w.e.f. 9-1-2014. 4 ibid.