CONDITIONS FOR ELIGIBILITY :

The applicant should satisfy the following eligibility criteria:

(a) the applicant is set up and registered as a company under the Companies Act, 2013;

(b) the applicant has specified the managing of collective investment scheme as one of its main objects in its Memorandum of Association;

(c) the applicant has a net worth of not less than rupees five crores. However, at the time of making the application, the applicant shall have a minimum net worth of rupees three crores which has to be increased to rupees five crores within the time period of three years from the date of grant of registration;

(d) the applicant is a fit and proper person for the grant of such certificate;

(e) the applicant has adequate infrastructure to operate collective investment scheme in accordance with the provision of these regulations;

(f) the directors or key personnel of the applicant should consist of persons of honesty and integrity having adequate professional experience in related field and have not been convicted for an offence involving moral turpitude or for any economic offence or for the violation of any securities laws;

(g) at least fifty per cent of the directors of such Collective Investment Management Company shall consist of independent directors and are not directly or indirectly associated with the persons who have control over the Collective Investment Management Company;

(h) no person, directly or indirectly connected with the applicant has in the past been refused registration by SEBI under the Act;

(i) at least one of the directors on the board of the Collective Investment Management Company, who is not subject to retirement, is a representative of the trustee;

(j) the Collective Investment Management Company is not a trustee of any collective investment scheme.

(k) in case the applicant is an existing collective investment scheme, it complies with the provisions of Chapter IX of the these regulations.