ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
91. Fund manager’s obligation to redeem
Edition: 2023-12-15 · In force
91. Fund manager’s obligation to redeem
(1)A fund manager must at all times during a dealing day be able to redeem participatory interests in the scheme and accordingly, must at the request in writing of any participant agree to redeem participatory interests owned by that participant at a price arrived at under these Regulations.(2)Subregulation (1) does not apply—(a)where the number or value of the participatory interests sought to be redeemed is less than any number or value stated in the information memorandum as the minimum number to be redeemed;(b)where the number or value of the participatory interests sought to be redeemed would result in the participant holding less than any number or value stated in the information memorandum as the minimum number to be held; or(c)where the fund manager ensures that the participant is able to sell his or her participatory interests on a securities exchange at a price not significantly different from the price at which they would have been redeemed;(3)Participatory interests must be redeemed in the base currency in which it was issued.(4)This regulation is subject to Part XIII on suspension and termination.