Securities Industry Act, 2016 (ACT 929)
Section 74: (1) The Commission shall not grant a licence to a company to operate as a mutual fund company unless the Commission is satisfied that (a) if an invitation is made to the public to subscribe for its shares, the price at which the shares will be offered will be based on the net value of the company's assets at the time of the offer without an addition except for a reasonable service charge; (b) the company will repurchase the shares from the holder at a price based on the net value of its assets at the time of the repurchase without a deduction other than a reasonable service charge but where the shares of the mutual fund company are to be listed on an approved stock exchange, the Commission may waive or modify the requirements of this paragraph; (c) a manager and custodian for the scheme have been appointed by the directors; (d) the manager is a company incorporated in the Republic and is separate from and independent of the custodian; and (e) the custodian being a bank or an insurance company or a wholly owned subsidiary of either of them has and maintains the required minimum capital. (2) The licence may be subject to other conditions that may specify. (3) The Commission shall not refuse to grant or renew a licence without first giving the applicant or the holder of the licence an opportunity of being heard.
Subject : Trust DeedProcedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Not Available
Online System
Fees/ charges
Not Avaiable
Loading. Please wait....