With a view to develop the framework for investment funds in IFSC, the International Financial Services Centre Authority (IFSCA) has proposed to issue IFSCA (Fund Management) Regulations, 2022 (Draft Fund Management Regulations/Draft Regulations), based on global best practices, focusing on the ease of doing business.
International Financial Services Centre Authority (Fund Management) Regulati...Beacon Trusteeship Limited
The International Financial Services Centres Authority (Fund Management) Regulations, 2022 have been published by the International Financial Services Centres Authority (IFSCA).
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New Fund Management Regulations Issued For Ifsc-Gift City To Overhaul Fund Go...Economic Laws Practice
In an important development for the fund industry, the International Financial Services Centre Authority (IFSCA) has notified the IFSCA (Fund Management) Regulations, 2022 (available here) (IFSCA Fund Regulations).
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In an important development for the fund industry, the International Financial Services Centre Authority (IFSCA) has notified the IFSCA (Fund Management) Regulations, 2022 (available here) (IFSCA Fund Regulations).
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International Financial Services Centre Authority (Fund Management) Regulati...Beacon Trusteeship Limited
The International Financial Services Centres Authority (Fund Management) Regulations, 2022 have been published by the International Financial Services Centres Authority (IFSCA).
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To know more visit us now:
www.beacontrustee.co.in
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In an important development for the fund industry, the International Financial Services Centre Authority (IFSCA) has notified the IFSCA (Fund Management) Regulations, 2022 (available here) (IFSCA Fund Regulations).
New Fund Management Regulations Issued For Ifsc-Gift City To Overhaul Fund Go...Economic Laws Practice
In an important development for the fund industry, the International Financial Services Centre Authority (IFSCA) has notified the IFSCA (Fund Management) Regulations, 2022 (available here) (IFSCA Fund Regulations).
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INDEX
1. Collective Investment Scheme
a. History of CIS . . . . . 1
b. Development of CIS . . . . . 2
c. Definition and CIS participants . . . . . 3
d. Benefits of CIS . . . . . 5
e. Disadvantages of CIS . . . . . 6
f. Different kind of CIS in the Market . . . . . 6
g. Schemes not treated as CIS . . . . . 8
h. Collective Investment Management Company . . . 11
i. Eligibility Criteria for CIS Registration . . . . 14
j. Governance of CIS . . . . . 16
2. Ponzi Scheme
a. Characteristic of Ponzi Scheme . . . . . 21
b. Case Studies
i. SPEAK ASIA, 2010 . . . . . 23
ii. GOLDSUKH, 2011 . . . . . 23
iii. ABHINAV GOLD, 2011 . . . . . 24
iv. SHIVRAJ PURI from CITIBANK INDIA, 2011 . . . 24
v. EMU FARMING, 2012 . . . . . 25
vi. THE SAHARA CASE, 2010 . . . . . 25
vii. THE SARADHA CASE . . . . . 27
3. Mutual Funds
a. Introduction . . . . . 29
b. Early History . . . . . 29
c. Growth and Development in India . . . . 33
d. Concept of Mutual Fund . . . . . 34
e. Structure of Mutual Fund . . . . . 39
f. Advantages of Mutual Fund . . . . . 42
g. Disadvantages of Mutual Fund . . . . . 43
h. Regulation of Mutual Fund . . . . . 46
i. Offer Document . . . . . 53
j. Statement of Additional Information . . . . 60
k. Difference between CIS and Mutual Funds . . . 62
4. Chit Funds
a. Origin and History of Chit Fund . . . . . 64
b. Evolution of Chit Fund . . . . . . 65
c. How do they work? . . . . . . 66
d. Chit Funds- Over the world . . . . . 68
e. Advantages of Chit Funds . . . . . 70
f. Case Study- Rose Valley Scam . . . . . 71
g. Difference between Mutual Funds and Chit Funds . . 72
h.
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INDEX
1. Collective Investment Scheme
a. History of CIS . . . . . 1
b. Development of CIS . . . . . 2
c. Definition and CIS participants . . . . . 3
d. Benefits of CIS . . . . . 5
e. Disadvantages of CIS . . . . . 6
f. Different kind of CIS in the Market . . . . . 6
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j. Governance of CIS . . . . . 16
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b. Case Studies
i. SPEAK ASIA, 2010 . . . . . 23
ii. GOLDSUKH, 2011 . . . . . 23
iii. ABHINAV GOLD, 2011 . . . . . 24
iv. SHIVRAJ PURI from CITIBANK INDIA, 2011 . . . 24
v. EMU FARMING, 2012 . . . . . 25
vi. THE SAHARA CASE, 2010 . . . . . 25
vii. THE SARADHA CASE . . . . . 27
3. Mutual Funds
a. Introduction . . . . . 29
b. Early History . . . . . 29
c. Growth and Development in India . . . . 33
d. Concept of Mutual Fund . . . . . 34
e. Structure of Mutual Fund . . . . . 39
f. Advantages of Mutual Fund . . . . . 42
g. Disadvantages of Mutual Fund . . . . . 43
h. Regulation of Mutual Fund . . . . . 46
i. Offer Document . . . . . 53
j. Statement of Additional Information . . . . 60
k. Difference between CIS and Mutual Funds . . . 62
4. Chit Funds
a. Origin and History of Chit Fund . . . . . 64
b. Evolution of Chit Fund . . . . . . 65
c. How do they work? . . . . . . 66
d. Chit Funds- Over the world . . . . . 68
e. Advantages of Chit Funds . . . . . 70
f. Case Study- Rose Valley Scam . . . . . 71
g. Difference between Mutual Funds and Chit Funds . . 72
h.
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WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.