Section 33: Repurchase of close ended schemes

Q: What does Section 33 of The SEBI (Mutual Funds) Regulations, 1996 (TSMFR) deal with?

Section 33 TSMFR pertains to "Repurchase of close ended schemes". It is part of the The SEBI (Mutual Funds) Regulations, 1996, a legislation enacted by the Parliament of India. Section 33 of The SEBI (Mutual Funds) Regulations, 1996 (TSMFR) governs repurchase of close ended schemes. As verified on 19 May 2026.

Q: Is Section 33 TSMFR still in force?

Yes, Section 33 of the The SEBI (Mutual Funds) Regulations, 1996 is currently in force across the Republic of India.

Q: What is धारा 33 TSMFR?

धारा 33 TSMFR is the Devanagari Hindi reference for Section 33 of the The SEBI (Mutual Funds) Regulations, 1996. Section 33 of The SEBI (Mutual Funds) Regulations, 1996 (TSMFR) governs repurchase of close ended schemes. As verified on 19 May 2026.

Q: What is Dhara 33 TSMFR?

Dhara 33 TSMFR is the Roman Hindi reference for Section 33 of the The SEBI (Mutual Funds) Regulations, 1996. "Dhara" means "Section" in Hindi. Section 33 of The SEBI (Mutual Funds) Regulations, 1996 (TSMFR) governs repurchase of close ended schemes. As verified on 19 May 2026.

Q: How to cite Section 33 of The SEBI (Mutual Funds) Regulations, 1996?

Cite as: "Section 33, The SEBI (Mutual Funds) Regulations, 1996 (TSMFR)" in legal briefs. For academic writing, use the BlueBook format: The SEBI (Mutual Funds) Regulations, 1996, § 33 (India).

Law on Tips Editorial Board

- [(1) Units of a close ended scheme, other than those of an equity linked savings scheme, launched on or after the commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009 shall not be repurchased before the end of maturity period of such scheme.] [Substituted Notification No. LAD-NRO/GN/2009-10/01/159601, dated 8.4.2009.]

(2)

The units of a close ended scheme referred to in the proviso to Regulation 32 may be open for sale or redemption at fixed pre-determined intervals [* * * * * * *] [Omitted by S.O. 32(E), dated 12.1.1998] if the maximum and minimum amount of sale or redemption of the units and the periodicity of such sale or redemption have been closed in the offer documents.

(3)

The units of close ended scheme may be converted into open-ended scheme,-

(a) if the offer document of such scheme discloses the option and the period of such conversion; or

(b) [ the unitholders are provided with an option to redeem their units in full.] [Substituted by S.O. 32(E), dated 12.1.1998]

(c) [ the initial issue expenses of the scheme launched prior to commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2008 have been amortised fully in accordance with the Tenth Schedule.] [Inserted by Not. NO F. LAD-NRO/GN/2008/03/123042, dated 16.4.2008]

(4)

A close ended scheme shall be fully redeemed at the end of the maturity period [* * *] [Omitted by S.O. 32(E), dated 12.1.1998]

[Provided that a close-ended scheme may be allowed to be rolled over if the purpose, period and other terms of the roll over and all other material details of the scheme including the likely composition of assets immediately before the roll over, the net assets and net asset value of the scheme, are disclosed to the unitholders and a copy of the same has been filed with the Board :

Provided further that such roll over will be permitted only in the case of those unitholders who express their consent in writing and the unitholders who do not opt for the roll over or have not given written consent shall be allowed to redeem their holdings in full at net asset value based price.] [Substituted by S.O. 32(E), dated 12.1.1998]