Under Regulation 9 of the SEBI (SAST) Regulations, 2011, when listed shares are offered as consideration for an open offer, such shares must have been listed on a recognized stock exchange for a period of at least how many months preceding the public announcement?

In the context of the recent volatility in the Indian securities market, which of the following best explains the conceptual trigger behind the 'risk-off sentiment' that resulted in significant Foreign Portfolio Investor (FPI) sell-offs and a sharp decline in the Sensex and Nifty indices?

Closed-ended funds generally maintain lower cash reserves/liquid funds than open-ended funds because: