ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
92. Payment on redemption
Edition: 2023-12-15 · In force
92. Payment on redemption
(1)On agreeing to redeem participatory interests, the fund manager shall, within three days, pay the proceeds of redemption less, where applicable—(a)any redemption charge to the participant; and(b)any applicable levy or tax imposed by law.(2)Nothing in this regulation shall require a fund manager to part with money in respect of a redemption of participatory interests where it has not yet received the money due on the earlier issue of those participatory interests, or where it considers it necessary or appropriate to carry out or complete identification procedures in relation to the participant or another person pursuant to a statutory obligation.