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The subscription and allocation of units period for mutual fund schemes falling under the Rajiv Gandhi Equity Savings Scheme (RGESS) has been increased to thirty and fifteen days, respectively by the Securities and Exchange Board of India..
In a circular on its Web site, SEBI has notified that the subscription period or the window for which a new fund offer (NFO) of a mutual fund scheme remains open has been extended to 30 days. Generally, an NFO remains open for a period of 15 days.
Similarly, post the closure of the subscription of the NFO, a fund house is given five days time to allocate units, refund money and issue statements of accounts. This also has been extended to 15 days. The circular will come into effect immediately.
So far, 7 fund houses have filed documents with SEBI for eight RGESS-compliant funds.
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