Regulation 34 - Regulation - COLLECTIVE INVESTMENT SCHEMES OF COLLECTIVE INVESTMENT MANAGEMENT COMPANY - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 - Regulation 34 - Money to be kept in separate account and utilisation of money 34. (1) The subscription amount received shall be kept in a separate bank account in the name of the 1[collective investment scheme] and shall be utilised for- (a) adjustment against allotment of units only after the trustee has received a statement from the registrars to the issue and share transfer agent regarding minimum subscription amount, as stated in the offer document, having been received from the public, or (b) for refund of money in case minimum subscription amount, as stated in the offer document, has not been received or in case of over-subscription. (2) The minimum subscription amount as specified in the offer document shall not be less than the minimum amount, as specified by the appraising agency, ne

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