Regulation 49D - Other conditions for real estate mutual fund schemes - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

1 [ Other conditions for real estate mutual fund schemes 49D. (1) Every real estate mutual fund scheme shall be close-ended and its units shall be listed on a recognized stock exchange: Provided that the redemption of a real estate mutual fund scheme may be done in a staggered manner. (2) The units issued by a real estate mutual fund scheme shall not confer any right on the unit holders to use the real estate assets held by the scheme and any provision to the contrary in the trust deed or in the terms of issue shall be void. (3) The title deeds pertaining to real estate assets held by a real estate mutual fund scheme shall be kept in safe custody with the custodian of the mutual fund. (4) A real estate mutual fund scheme shall not undertake lending or housing finance activities. (5) All financial transactions of a real estate mutual fund scheme shall be routed through banking channels and they shall not be cash or unaccounted transactions. ] ************ NOTES:- 1 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 2008, w.e.f. 16-4-2008.