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TMI BlogNotification for Index Fund Scheme and Short SellingX X X X Extracts X X X X X X X X Extracts X X X X ..... d advisory fees shall apply to exchange traded index funds also. 3. Enabling provisions have been made for a mutual fund to engage in short selling of securities as well as lending and borrowing of securities. However, these amendments shall take effect on a later date to be notified by SEBI, which will be after the new framework for short selling of securities and securities lending and borrowing is put into place. 4. This circular, is available on SEBI website at www.sebi.gov.in under the category Mutual Funds - Circulars . 5. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -regulation (4), the following sub-regulation shall be substituted, namely:- (4) A mutual fund may lend and borrow securities in accordance with the framework relating to short selling and securities lending and borrowing specified by the Board. (iii) for regulation 45, the following regulation shall be substituted, namely:- Carry forward transactions, derivatives transactions and short selling transactions. 45. (1) The funds of a scheme shall not in any manner be used in carry forward transactions: Provided that a mutual fund may enter into derivatives transactions on a recognized stock exchange, subject to the framework specified by the Board. (2) A mutual fund may enter into short selling transactions on a recogn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BOARD OF INDIA [ADVT III/IV/69-ZB/2007/Exty.] Footnotes: (1) The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Principal Regulations were published in the Gazette of India on December 9, 1996 vide S.O. No. 856(E). (2) The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 were subsequently amended (a) on April 15, 1997 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1997 vide S.O. No.327(E). (b) on January 12, 1998 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 1998 vide S.O. No.32(E). (c) on December 08, 1999 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (n) on September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No.1045(E). (o) on May 29, 2003 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2003 vide S.O.No. 632(E). (p) on January 12, 2004 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2004 vide F.No SEBI\LAD\DOP\4\2004. (q) on March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398(E). (r) on January 12, 2006 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2006 vide S.O.No. 38 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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