The Mutual Funds Act was passed in 1997 (after the main legislation of 1996)
Two kinds of Mutual Funds are permitted:
Public Funds
Private Funds
According to the Act:
"A Public Fund means a mutual fund which, by means of publishing or distributing a prospectus or by any other means, offers any shares it issues for subscription or purchase to any interested member of the general public."
"A Private Fund means a mutual fund that the shares issued by it are not offered to the general public and are owned or held by:
not more than fifty investors where the first time investment of each of such investors is not less than seventy-five thousand dollars or the equivalent in any other currency; or
any number of investors where the first time investment of each of such investors is not less than seven hundred and fifty thousand dollars or the equivalent in any other currency; or
is designated as private fund by regulations;
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