Section 72: Board to grant permission to operate collective investment scheme

1) A scheme manager shall, prior to operating the collective investment scheme to be managed and operated by him/her, make an application to the Board in such
format and accompanied by such details and fees as may be prescribed in order to register such scheme with the Board and obtain permission to operate the same.

2) If an application is received pursuant to sub-section (1), the Board shall, if it considers appropriate to grant permission upon conducting a necessary inquiry into the matter, register the collective investment scheme and give permission to operate it within ninety days from the date of receipt of such an application.

3) If, in conducting an inquiry in relation to the registration of a collective investment scheme and granting permission to operate it pursuant to sub-section (1), any notice, description, information, or documents appear necessary, the Board may demand such notice, description, information or documents from the concerned scheme manager. The Board shall not grant permission to operate the collective investment scheme unless it receives the notice, description, information, or documents so demanded.

4) In registering a collective investment scheme and in granting permission to operate it pursuant to sub-section (2), the Board may give permission in a manner that a certificate of participation or proof thereof is to be given to a participant.

5) In granting permission to the scheme manager to operate the collective investment scheme pursuant to this Section, the Board may specify necessary terms and conditions in relation to the operation of the collective investment scheme and the issue of the certificate of participation. The Board may make necessary modifications or alterations in the terms and conditions so specified.