Regulation 36 - Statement of accounts or unit certificates - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

1 [Statement of accounts or unit certificates 36. 8 [ (1) An applicant in a scheme whose application has been accepted shall have the option either to receive the statement of accounts or to hold the units in dematerialised form and the asset management company shall issue to such applicant, a statement of accounts specifying the number of units allotted to the applicant or issue units in the dematerialized form as soon as possible but not later than five working days from the date of closure of the initial subscription list or from the date of receipt of the application. ] 9 [ **** ] 10 [ (3) The asset management company shall issue units in dematerialized form to a unit holder in a scheme within two working days of the receipt of request from the unit holder. ] ] 7 [(4) The asset management company shall ensure that consolidated account statement for each calendar month is issued, 11 [ as per the timeline specified by the Board from time to time ] , detailing all the transactions and holding at the end of the month including transaction charges paid to the distributor, across all schemes of all mutual funds, to all the investors in whose folios transaction has taken place during that month: Provided that the asset management company shall ensure that a consolidated account statement every half yearly (September/ March) is issued, 11 [ as per the timeline specified by the Board from time to time ] , detailing holding at the end of the six month, across all schemes of all mutual funds, to all such investors in whose folios no transaction has taken place during that period: Provided further that the asset management company shall identify common investor across fund houses by their permanent account number for the purposes of sending consolidated account statement. Explanation:- For the purpose of this regulation, the word transaction shall include purchase, redemption, switch, dividend payout, dividend reinvestment, systematic investment plan, systematic withdrawal plan, systematic transfer plan and bonus transactions.] ************** NOTES:- 1 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2009, w.e.f. 8-4-2009. Prior to its substitution, regulation 36 read as under: *[Unit certificates or statement of accounts 36. The asset management company shall issue to the applicant whose application has been accepted, unit certificates or a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than six weeks from the date of closure of the *[initial subscription list and/or from the date of receipt of the request from the unitholders in any open ended scheme] : Provided that if an applicant so desires, the asset management company shall issue the unit certificates to the applicant within six weeks of the receipt of request for the certificate. [*Substituted for the words subscription list by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998] 2 Substituted for thirty days by the SEBI (Mutual Funds) (Amendment) Regulations, 2010, w.e.f. 29-7-2010. 3 Substituted for thirty days , ibid. 4 Inserted by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2013 w.e.f. 19-6-2013 5 Substituted for thirty days , ibid. 6 Inserted by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2013 w.e.f. 19-6-2013 7 Inserted by the SEBI (Mutual Funds) (Third Amendment) Regulations, 2011, w.e.f. 30-8-2011. 8. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as (1) The asset management company shall issue to the applicant whose application has been accepted, a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than 2 [five working days] from the date of closure of the initial subscription list and/or from the date of receipt of the request from the unitholders in any open ended scheme: Provided that if an applicant so desires, the asset management company shall issue the unit certificates to the applicant within 3 [five working days] of the receipt of request for the certificate: 4 [Provided further that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this sub-regulation shall be fifteen days from the closure of the initial subscription list.] 9. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as (2) An applicant in a close ended scheme whose application has been accepted shall have the option either to receive the statement of accounts or to hold units in dematerialised form and the asset management company shall issue to such applicant, a statement of accounts specifying the number of units allotted to the applicant or issue units in dematerialized form as soon as possible but not later than 5 [five working days] from the date of closure of the initial subscription list: 6 [Provided that in case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this sub-regulation shall be fifteen days from the closure of the initial subscription list.] 10. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as (3) The asset management company shall issue units in dematerialized form to a unitholder in a close ended scheme listed on a recognised stock exchange within two working days of the receipt of request from the unitholder. 11. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as on or before tenth day of succeeding month