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TMI BlogABN Amro Bank Money Market Mutual Fund as a Money Market Mutual Fund for the purposes of the section 10(23D)(ii)X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank of India while authorising the ABN Amro Bank for setting up of a Money 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 Scheme 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 requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lls arising out of genuine trade/commercial transactions and accepted/co-accepted by banks ; ( e ) certificates of deposits ; ( f ) rated corporate bonds and debentures with a residual maturity of up to 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 (per cent. of resources of ABN Amro Bank Money Market Mutual Fund) ------- ( a ) Treasury Bills and dated Government No limit. securities having an unexpired maturity up to one year ( b ) Call/Notice money No limit. ( c ) Commercial paper No limit. ( d ) Commercial bills arising out of genu- No limit. ine trade/commercial transactions and accepted/co-accepted by banks ( e ) Certificates of deposit No limit. ( f ) Rated corporated bonds and deben- No limit. (Provided that the invest tures with a residual maturity of ment in commercial paper up to one year. together with rated corporate bonds and debentures with a residual maturity of up to one year in an individual company should not exceed three per cent. of the resources of the ABN Amro Bank Money Market Mutual Fund) ------- 6.3 The investments shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any information, inspect the books and accounts of the ABN Amro Bank Money Market Mutual Fund. 14. Accounting : 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 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, calc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtfolio of the ABN Amro Bank Money Market Mutual Fund, value of such investments, changes in the portfolio since the annual report and 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 be 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 Su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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