71. No collective investment scheme shall be operated without obtaining a permission: (1) No one shall operate a collective investment scheme or carry out or cause to be carried out, any of the following acts without obtaining a permission from the Board pursuant to this Act:-
(a) To make an advertisement making an invitation to participate in the collective investment scheme or to make an offer containing any kind of information for participating in such a scheme whether directly or indirectly,
(b) To provide opinion, advice or consultation to any one to participate in the collective investment scheme.
(2) Any one who contravenes Sub-section (1) shall be deemed to have committed an offense referred to in this Act.
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 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 a 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 on participation or a 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 on participation. The Board may make necessary modification or alteration in the terms and conditions so specified.
73. Operation of collective investment scheme: (1) The scheme manager may, with a view to operate a collective investment scheme, and upon considering the needs and interests of participants, operate the collective investment scheme of one or several types and by one or several names as prescribed.
(2) The scheme manager shall, prior to operating any scheme pursuant to Sub-section (1), make an agreement with the depository as prescribed.
74. Board may revoke permission: (1) The Board may revoke the permission granted under Section 72 to operate a collective investment scheme on any of the following circumstances:- (a) In the event of failure to fulfill the necessary terms and conditions of operation in a satisfactory manner, (b) In the event that it is not appropriate to continue such a scheme upon considering the interest of participants, (c) In the event of violation of this Act or the Rules or Bye-laws framed under this Act or provision of any false details to the Board in respect of a scheme by the scheme manager and the depository.
(2) In revoking the permission pursuant to Clause (b) of Sub-section (1), the Board may hold necessary inquiry with the manager, depository, and director related with such scheme or relevant employee.
(3) In revoking the permission given to operate a scheme pursuant to Sub-section (1), the Board may, having regard to the investment and return of investors, get that scheme to be operated by any other scheme manager or get accounts settled or cleared by refunding the investment and return of the investors of such scheme.
(4) The procedures required to be followed in closing the operation of the scheme and settling or clearing the accounts by the order of the Board shall be as prescribed.
75. Other provisions relation to operation of collective investment schemes: (1) Other provisions and operational procedures required to be made and followed for the operation of a collective investment scheme to be operated by a scheme manager in consonance with the interests of participants shall be as prescribed.
(2) The Regulation shall contain the following matters in relation to the operation of a collective investment scheme:
(a) Procedures and terms relating to the registration and permission of the collective investment scheme,
(b) Statute of the collective investment scheme, functions and duties of the scheme manager and depository and rights and obligations of participants,
(c) Promotion of the unit, market management and distribution,
(d) Issue and discount of unit,
(e) Other provisions relating to depository service and scheme,
(f) Regulating and managing the provisions relating to loans and advances of the collective investment scheme,
(g) Provisions relating to the maintenance of records in such manner as to clearly reflect the transactions and financial situation related to the collective investment scheme and provisions relating to inspection of such accounts and other necessary accounts and records,
(h) Periodic reports relating to the collective investment scheme and submission of such reports to the participants of the scheme and the Board,
(i) Fees, remunerations and charges to be collected for the provision of the service referred to in Clause (e),
(j) Management of investment and loan of the fund of the collective investment scheme.
(3) In making the regulation incorporating the provisions referred to in Sub-section (1), in relation to the operation of the collective investment scheme, such regulation may provide for different provisions for different types of collective investment schemes.