SEBI has been issuing various circulars from time to time for effective regulation of FVCIs. In order to enable the stakeholders to have an access to all the applicable requirements / circulars at one place, the provisions of the said circulars are incorporated in this Master Circular for FVCIs. This Master Circular shall come into force from the date of its issue. This Master Circular rescinds the following circulars/directions issued by SEBI with regard to FVCIs till date:
- SEBI Circular No. IMD/DOF-1/FVCI/CIR.No.1/2009 dated 3 July 2009,
- SEBI Circular No. SEBI/IMD/DOF-1/FVCI/CIR-1/2010 dated 12 January 2010,
- SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2017/75 dated 6 July 2017.
Notwithstanding such rescission,
- anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
- any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
- the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded.