Explain the following: (e) Real Estate Mutual Fund Scheme.

Real Estate Mutual Fund Scheme (REMFS) means a mutual fund scheme that invests directly or indirectly in real estate assets or other permissible assets in accordance with SEBI (Mutual Funds) Regulations, 1996. [Regulation 2(sc) of SEBI (Mutual Funds) Regulations, 1996] Salient Features of REMFS: An Existing Mutual Funds are eligible to launch real estate mutual funds if they have adequate number of experienced key personnel/directors having adequate experience in real estate. Sponsors seeking to set up new Mutual Funds, for launching only real estate mutual fund schemes, shall be carrying on business in real estate for a period not less than five years. They shall also fulfill all other eligibility criteria applicable for sponsoring a MF. Every real estate mutual fund scheme shall be close-ended and its units shall be listed on a recognized stock exchange. Net asset value (NAV) of the scheme shall be declared daily.