Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
SEBI - Highlights / Catch Notes

Home Highlights August 2022 Year 2022 This

Payment due for the services rendered to the unitholders prior ...


Distributors cannot claim expenses for services post-winding up notice under Regulation 39(3)(b) in mutual fund schemes.

August 17, 2022

Case Laws     SEBI     SC

Payment due for the services rendered to the unitholders prior to the winding up - Even if a distributor renders some services to the unitholders after publication of the notice under Regulation 39(3)(b), it would not entitle him to claim an amount from the asset management company. The Circular dated 22nd October 2018 cannot override the Regulations. The Circular does not intend to do so. It has been issued to bring about transparency in expenses, reduce portfolio churning and mis-selling in mutual fund schemes. The intent behind specifying total expense ratio and the performance disclosure for mutual funds is to bring greater transparency in expenses and to not confer any right on the mutual fund distributors to claim expenses under clause (b) to Regulation 41(2), which pertains to the procedure and manner of winding up. - SC

View Source

 


 

You may also like:

  1. Liability of Service Tax – direct service tax liability or not due to reverse charge on recipient of services – Appellant was not distributor of mutual fund or agent...

  2. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

  3. Winding up of mutual fund scheme - Procedure and manner of winding up - For the purpose of clause (c) to Regulation 18(15), consent of the unitholders would mean consent...

  4. The case deals with the applicability of Section 54EC of the Income Tax Act, which provides exemption from capital gains tax if the gains are invested in specified bonds...

  5. The case involved the levy of service tax on various services provided by the appellant. The Appellate Tribunal held that the appellant, as a provider of business...

  6. The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market...

  7. Amendment in Chapter 3 Schemes of Foreign Trade Policy - Incremental Exports Incentivisation Scheme Reg. - Notification

  8. Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

  9. SEBI introduced a new framework for Mutual Fund Lite (MF Lite) schemes, allowing launch of passive funds tracking specified equity and debt indices. Key provisions...

  10. CENVAT Credit - exempted activity or not - trading in mutual funds - The appellant cannot be termed as “service provider” because he only makes an investment in the...

  11. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  12. Disallowance of CENVAT Credit - activity of purchase and sale of units of Mutual Fund Schemes - trading (exempt) services or not - the activity of redemption and...

  13. Refund claim of service tax paid on cancelled transactions - Post GST era - Rejection of refund under Rule 6(3) of Service Tax Rules read with Sec 142(5) of CGST Act -...

  14. Renting of immovable property service - The appellant entered into agreements with the film distributors under which the film distributors granted copyright license in...

  15. CESTAT ruled that allocation of head office administrative expenses from SCB-UK to Indian branches does not constitute taxable business support services under Finance...

 

Quick Updates:Latest Updates