TRANSFER OF UNITS :
A unit certificate issued under the scheme should be freely transferable. The CIMC on production of instrument of transfer together with relevant unit certificates, register the transfer and return the unit certificate to the transferee within thirty days from the date of such production. However, if the units are held in a depository such units shall be transferable in accordance with the provisions of the SEBI (Depositories and Participants) Regulations, 1996 and bye-laws of the depository.
The subscription amount received should be kept in a separate bank account in the name of the scheme and utilised for –
(1)(a) adjustment against allotment of units only after the trustee has received a statement from the registrars to the issue and share transfer agent regarding minimum subscription amount, as stated in the offer document, having been received from the public, or
(b) for refund of money in case minimum subscription amount, as stated in the offer document, has not been received or in case of over-subscription.
(2) The minimum subscription amount as specified in the offer document couldn’t be less than the minimum amount, as specified by the appraising agency, needed for completion of the project for which the scheme is being launched.
(3) The moneys credited to the account of the scheme should be utilised for the purposes of the scheme and as specified in the offer document.
(4) Any unutilised amount lying in the account of the scheme should be invested in the manner as disclosed in the offer document.