Section 154: Regulations

154. Regulations (1) The Minister may— (a) make such regulations, as he thinks fit for the purposes of this Act; (b) by regulations, amend the Schedule. (2) Regulations made under subsection (1) may provide for— (a) matters required or permitted by this Act; (b) criteria for declaring companies to be SROs; (c) requirements in relation to takeovers; (d) the duties and obligations of the offeror and the offeree in the case of takeovers; (e) prudential rules and rules of ethics for the members of the Board of the Commission and the staff of the Commission; (f) in relation to collective investment schemes— (i) the rights and obligations of the participants; (ii) the powers, duties and liabilities of CIS managers and custodians; (iii) the redemption or repurchase of interests; (iv) the investment or application of scheme property; (v) borrowing for the purposes of or in connection with the scheme; S7 – 57 [Issue 1] Securities Act (vi) criteria for authorisation and recognition of collective investment schemes; (vii) disclosures by schemes and licensees; (viii) the keeping of books and records; (ix) insurance for licensees; (x) capital requirements for CIS manager and custodians; (xi) the appointment and removal of custodians, CIS managers and CIS administrators; and (xii) remuneration of CIS managers, custodians and CIS administrators; (g) fees payable to the Commission in connection with this Act; (h) requirements on closed-end funds; (ha) types of securities that may be listed or traded on an exchange; (i) penalties to be imposed, not exceeding 2 million rupees for breaches of regulations. [S. 154 amended by s. 38 of Act 15 of 2007 w.e.f. 28 September 2007.]