(1)

[A unit] [Substituted 'A unit certificate' Notification No. LAD-NRO/GN/2009-10/01/159601, dated 8.4.2009.] certificate unless otherwise restricted or prohibited under the scheme, shall be freely transferable by act of parties or by operation of law.

(1A)

[ A unit holder, in a close ended scheme listed on a recognised stock exchange, who desires to trade in units shall hold units in dematerialised form.] [Inserted Notification No. LAD-NRO/GN/2009-10/01/159601, dated 8.4.2009.]

(2)

The asset management company shall, on production of instrument of transfer together with relevant unit certificates, register the transfer and return the unit certificate to the transferee within thirty days from the date of such production :

Provided that if the units are with the depository such units will be transferable in accordance with the provisions of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996.