ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
61. Fund manager's obligation to issue or redeem shares
Edition: 2022-12-31 · In force
61. Fund manager's obligation to issue or redeem shares
(1)Subject to the provisions of subregulation obligation to (2), the fund manager shall at all times during the dealing day issue or redeem shares of the scheme at a price arrived at under these Regulations.(2)Subregulation (1) shall not apply if the—(a)number or value of the shares sought to be issued or redeemed is less than any number or value stated in the information memorandum as the minimum number or value to be purchased or held or redeemed;(b)fund manager believes on reasonable grounds that the number or value of shares sought to be issued would lead to the holding by any one person or by any one person and any other person appearing to the fund manager to be acting in concert with that person of more shares than any number stated in the information memorandum as the maximum number to be purchased or held; or(c)fund manager has reasonable grounds, having regard to the interests of all the holders relating to the circumstances of the person concerned, for refusing to issue units to or redeeming shares from such person.(3)This Regulation shall also apply during an initial offer in so far as it relates to the issuing of shares.