Relaxation in compliance with requirements pertaining to Mutual Funds
Summary
SEBI extends the implementation timelines for specific mutual fund policy initiatives, including risk management and investment norms, to June 30, 2020. The deadline for submitting cyber security audit reports is extended by two months until August 31, 2020. Additionally, the filing period for scheme annual reports for the year 2019-20 is extended by one month until August 31, 2020.
Text
The effective date of implementation of certain policy initiatives have been extended as under: Risk management framework for Liquid funds... shall hold liquid and overnight funds and at least 20% of its net short term deposits dated September 20, 2019... Extended Date: June 30, 2020; Review of investment norms... Existing open ended mutual fund schemes shall comply with the revised limits for sector exposure... Extended Date: June 30, 2020; Valuation of money market and debt securities... Amortization based valuation shall be dispensed with... Extended Date: June 30, 2020
The timelines for submission of cyber security audit reports as mandated in SEBI circular dated January 10, 2019 is extended by two months i.e. till August 31, 2020.
The timelines for filing scheme annual reports for the year 2019-20 is extended by one month i.e. till August 31, 2020.
This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 77 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Relaxation in compliance with requirements pertaining to Mutual Funds. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.