A company which is involved in carrying out the activities of a CIS is known as a collective investment management company.
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Fund Manager
A fund manager is a qualified expert who manages the investment resolution of the schemes. The person suggests reconciliations, trading valuation, and unit value of schemes.
Trustee
As per the Collective Investment Scheme Regulations, 1999, it is imperative that the CIS is constituted in the form of a Trust. The Trustee observes the rules and regulations set in place and works for the benefit of the unit holders, safeguards the assets and ensures that it stays compliant throughout. It is the Collective Investment Management Company that appoints the Trustee who holds the property of the CIS.
Shareholder
Shareholders are the individuals who invest in the schemes and form a money pool for the scheme. These individuals possess a primary right over the assets of the scheme.
- An applicant must be registered with the Registrar of companies under the Companies Act.
- The objectives of the Collective Investment Scheme’s management must be specified.
- The applicant should be proper and fit according to the guidelines of the regulating authority.
- A net worth of Rs. 5 crores for the applicant.
- The infrastructural capacity of the applicant company must be adequate to perform duties related to CIS efficiently.
- There must be a minimum 50% of the directors who are independent and not associated with the management of the investment scheme company.
- The integrity and public image of the directors must be good. There should not be any pending cases or insolvency procedures against them.
- The applicant must not be associated with any person who has been declined registration in the past.
Portfolio of Securities
An investor considering investing in a CIS would have a wide range of portfolio to consider. Hence an investor can choose a suitable portfolio to invest as per his requirements.
Maximization of Profits
Through this scheme profits can be maximized. Having different forms of investments in various collective investment schemes would definitely maximize the profits.
Diversification
One of the main aims of investing in such scheme is diversification of the portfolio. Through diversification, one can achieve good returns and reduce the risk avenues in the investment.
Liquidity
Collective investment schemes are highly liquid and marketable. Hence considering investing in such scheme would maximize the income of the investor.
- Expert advise on best practices for corporate governance, including the composition of the board of directors, the role of independent directors, and the development of internal control policies and procedures.
- Audit the financial statements to ensure compliance with Indian accounting standards and SEBI regulations.
- Help companies to comply with all applicable tax laws and regulations, including those related to income tax, capital gains tax, and goods and services tax (GST).
- Helping companies to comply with other applicable laws and regulations, such as those related to foreign exchange management, anti-money laundering, and data protection.
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COO at VSERV Infosystems & Founder VSERV Academy
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Managing Director AMR FINANCE PVT LTD
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Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
The CIS companies come under the CIS regulations 1999 of SEBI. The registration certificate to CIS companies is also granted by SEBI.
No, companies accepting deposits from NBFCs, Nidhi Companies or EPF are not eligible for CIS.
Any form of units related to a unit trust, cannot be considered for the purposes of this scheme.
A trustee plays a crucial role in handling this scheme. As this comprises a portfolio of different forms of securities of individuals, such portfolio must be effectively handled with diligence and integrity. Hence a trustee is appointed to act on behalf of the beneficiaries in handling the securities under this scheme.
The net worth of the applicant must be 5 crores or more ( At the time of filing the application, the net worth of the applicant can be 3 crores). However, within 3 years from the date of registering the application, the net worth should be 5 crores.
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