Regulation 37 - Transfer of units - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

Transfer of units 37. (1) 1 [A unit] unless otherwise restricted or prohibited under the scheme, shall be freely transferable by act of parties or by operation of law. 2 [(1A) A unitholder, in a close ended scheme listed on a recognized stock exchange, who desires to trade in units shall hold units in dematerialised form.] (2) The asset management company shall, on production of instrument of transfer together with relevant unit certificates, register the transfer and return the unit certificate to the transferee within thirty days from the date of such production: Provided that if the units are with the depository such units will be transferable in accordance with the provisions of 3 [ the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 ] . *********** NOTES:- 1 Substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2009, w.e.f. 8-4-2009, for the words A unit certificate . 2 Inserted ibid. 3. 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 the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996