9911796707
TMI BlogCentral Government specifies ABN Amro Bank Money Market Mutual Fund u/s 10(23D)(ii)X X X X Extracts X X X X X X X X Extracts X X X X ..... market mutual fund as a department of that bank and such bank shall ensure that there is no infringement of the same. 2. Structure of the ABN Amro Bank Money Market Mutual Fund 2.1. The ABN Amro Bank Money Market Mutual Fund shall be set up departmentally in the form of a department of the ABN Amro Bank wherein the assets and liabilities of the ABN Amro Bank Money Market Mutual Fund would form part of the eligible institutions' balance sheet. 2.2. The ABN Amro Bank Money Market Mutual Fund shall be operated as Money Market Deposit Accounts (hereinafter referred to as MMDAs). MMDAs schemes shall be operated either by issuing deposit receipt or through issue of pass book without cheque book facility. The ABN Amro Bank Money Market Mutual Fund may float both open-ended and close-ended schemes. 2.3. The day-to-day management of the schemes under the ABN Amro Bank Money market Mutual Fund shall be managed by a separate fund manager and the said fund shall be set-up as a department of the ABN Amro Bank. 2.4. The ABN Amro Bank Money Market Mutual Fund may formulate special schemes as per their requirements subject to the guidelines stipulated by the Reserve Bank of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( e ) certificates of deposit ; ( f ) rated corporate bonds and debentures with a residual maturity of upto one year. 6.2. The limits of the investment of the ABN Amro Bank Money Market Mutual Fund in the said instruments shall be as follows : Instruments Limit (percent of resources of ABN Amro Bank Money Market Mutual Fund) ( a ) Treasury Bills and dated Government securities having an unexpired maturity upto one No Limit. year. ( b ) Call/notice money No limit. ( c ) Commercial papers No limit. ( d ) Commercial bills arising out of genuine trade/commercial transactions and accepted/co- No limit accepted by banks. ( e ) Certificates of Deposit No limit. ( f ) Rated corporate bonds and No limit. debentures with a residual (provided that the investment in maturity of upto one year. commercial paper together with rated corporate bonds and debentures with a residual maturity of upto one year in an individual company should not exceed three percent of the resources of the ABN Amro Bank Money Market Mutual Fund.) -------- 6.3. The investments shall be made in accordance with the prudential guidelines which may be issued by the Reserve Bank of India fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. 1. The accounts of the ABN Amro Bank Money Market Mutual Fund shall be kept distinct and separate from those of the parent institution. In the case of "In-house" ABN Amro Bank Money Market Mutual Fund, it shall be ensured that there is no conflict of interest between the ABN Amro Bank Money Market Mutual Fund and its parent organisation. The transfer of assets between ABN Amro Bank Money Market Mutual Fund and the sponsoring institution shall be at market rate and shall be subject to the approval of the sponsoring institution's Board. 14.2. Separate books of accounts maintained as aforesaid shall be audited by the qualified auditor other than the auditor of the ABN Amro Bank. The abridged version of the accounts along with the reports of the auditors shall be published for the information of investors. The ABN Amro Bank Money Market Mutual Fund shall be set up as a department of the ABN Amro Bank and the assets and liabilities of the Fund shall form part of the balance sheet of ABN Amro Bank. 14.3. The investment pattern, accounting and valuation of assets, calculation of net asset value shall be subject to regulations made or guidelines issued by the Reserve Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asset-wise exposure ; ( d ) specific information on investments in certain segments of the money market as may be called for by the Reserve Bank of India. 20. Guidelines of Reserve Bank to he applicable The ABN Amro Bank shall operate the ABN Amro Bank Money Market Mutual Fund as Money Market Deposits Accounts in accordance with guidelines issued by the Reserve Bank of India. 21. Organisation structure of the ABN Amro Bank Money Market Mutual Fund 21.1. The Money Market Deposit Account shall be managed by the Fund Manager who will be supported by the Fund Administration Officer and back office personnel. The Fund Manager will report to the Country Manager---India. 21.2. The Fund Manager shall be responsible for the following activities, namely: ( a ) buying and selling of securities ; ( b ) customer interface ; ( c ) marketing; ( d ) compliance; ( e ) reporting to the Supervisory Committee which shall include Country Manager, India, Country Treasurer and Chief Manager, Relationship Banking. 21.3. The Supervisory Committee shall oversee the Fund with regard to the following : ( a ) Launch of the scheme; ( b ) compliance with the regu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
