Guidelines for approval [under clause (xx) of sub-section (2) of section 80C or] under clause (xvii) of sub-section (2) of section 88—(1) For the purpose of [clause (xx) of sub-section (2) of section 80C or] clause (xvii) of sub-section (2) of section 88, the prescribed authority shall be the Central Board of Direct Taxes. (2) An application for approval shall be made in Form No. 59A by the Mutual Fund to the Board referred in sub-rule (1) three months before the public issue. (3) Every application for approval under sub-rule (2) shall be accompanied by the following documents, namely :—
(4) Every such Mutual Fund shall invest its total paid-up capital (hereinafter referred to as such capital) raised through equity issue or debentures in the following manner :—
(5) Every such Mutual Fund shall submit a certificate from an accountant, as defined in the Explanation to sub-section (2) of section 288, specifying the amount invested in each year, from the date of approval of the Board. (6) The Board shall pass an order in writing granting approval or refusing approval to such Mutual Fund, as the case may be : Provided that no order of refusing approval shall be passed by the Board without an opportunity of being heard given to the Mutual Fund. (7) The Board shall have the power to withdraw the approval granted under sub-rule (6) under the following circumstances, namely :—
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