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Rules of the Public Provident Fund you need to know about
Public Provident Fund Scheme was introduced by Government of India on 01.07.1968 and it provides the depositor the twin benefits of attractive return and tax benefit. The salient features of the Scheme are as under:- Eligibility Individual or individual as guardian of a minor can open the account. (can not be opened in Joint names). HUF are not eligible. Non Resident Indians (NRIs) can not open the account w.e.f. 25.07.2003 HUFs can not open the account w.e.f. 13.05.2005 Accounts opened by NRIs and HUFs prior to above mentioned dates will continue till maturity. Thereafter no extension is allowed and no interest is payable on HUF and NRI PPF Accounts. Only one account can be opened by an individual in one name. Second PPF Account opened in contravention of PPF Rule shall not earn any interest on it. Deposit Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own or on behalf of a minor of whom he is the guardian sha...
SEBI norms for underwriting by mutual funds |
SEBI norms for underwriting by mutual funds
Domestic mutual funds have now been permitted by the SEBI to enter into underwriting arrangements. The move is aimed at expanding the investment scope of mutual funds. Under the new norms evolved by SEBI for this, it has been stipulated that the total underwriting obligations of a mutual fund at any time should not exceed the total value of the corpus of any scheme together with the undistributed profits lying to the credit of that scheme. SEBI has also made it clear to the mutual funds that the decision to take up any underwriting commitment should be made on the same lines as investment under a particular scheme.
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Rajesh Kumar Kathpalia ¤ SMC Global
17,Netaji Subhash Marg,Daryaganj,
New Delhi-110002 Mobile No 9891645052
Email Id: rajesh.ipo@smcindiaonline.com
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