The Unit Trust of India Act,1963
Section 21. Unit scheme
(1) For the purpose of providing facilities for participation in the income, profits and gains arising out of the acquisition, holding, management or disposal of securities by the Trust, the Board shall make a unit scheme.
(2) Subject to the provisions of this Act, and the regulations made under section 43, a scheme made under sub-section (1) may provide for–
(a) The issue of units and the face value of each unit, which shall not be less than ten rupees or more than one hundred rupees;
(b) The form and manner in which an application may be made for the purchase of a unit from the Trust;
(c) The manner in which payment may be made for purchasing a unit from the Trust;
(d) The issue of unit certificates and the form and manner in which such certificates may be issued;
(e) The issue of duplicate of any unit certificate in the event of loss or destruction of the original and the fee on the payment of which such duplicate may be issued;
(f) The procedure for determining the value at which the units may be sold or purchased, from time to time, by the Trust;
(g) The recognition of persons as unit holders;
(h) The persons to whom, the time at which and the manner in which any payments in respect of a unit shall be made by the Trust;
(j) The conditions, if any, subject to which a unit holder may transfer the unit;
(k) Any other matter which the Trust may consider to be necessary or proper for the effective implementation of the scheme.
(3) The Board may, from time to time, add to or otherwise amend the scheme made under sub-section(1)
(4) The scheme made under sub-section(1) and every amendment thereof under sub-section(3) shall be notified in the Official Gazette.