Markets regulator Sebi on Friday came out with a framework to promote ease of doing business and bring uniformity in the timelines for processing scheme related applications filed by asset management companies (AMCs). Under the framework, the application filed by AMCs for certain matters may be deemed to be taken on record in case no modifications are suggested or no queries are raised by Sebi within 21 working days, the regulator said in a circular.
Those matters are -- change in the fundamental attributes of a scheme, merger of schemes, rollover of close-ended schemes and conversion of close-ended schemes to the open-ended scheme.
Further, the regulator said, "No objection will have been deemed to be communicated in case no modifications are suggested or no queries are raised by Sebi within 21 working days".
These timelines will generally be adhered to provided the application is complete in all respects and compliant with all the relevant norms issued by Sebi.
However, in cases where the subject matter of approval requires a policy view to be taken or presents a unique situation that requires wider consultation and deliberation, the timelines might not be complied with.
The new framework will be applicable for all the applications received on or after September 1, the Securities and Exchange Board of India (Sebi) said.
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