Regulatory Alerts2014-09-24
SEC Sri Lanka Directive on Minimum Unit Holders for Unit Trust Funds
The Securities and Exchange Commission of Sri Lanka mandates that all unit trust funds maintain a minimum of fifty unit holders at all times. Managing companies must ensure this threshold is met during Initial Public Offers and are required to refund monies if the minimum is not achieved upon the offer's closure. Existing funds have until 31st March 2015 to comply, with a three-month grace period allowed for remedying shortfalls caused by redemptions or other circumstances.
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