Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, which compiles all operational circulars issued up to December 31, 2010. It establishes that in case of inconsistency, the relevant original circular prevails over the master compilation. The document outlines the structure of the circular and provides an index of chapters covering various regulatory aspects of mutual funds. This section mandates the filing procedures for Scheme Information Documents (SID) and Statement of Additional Information (SAI), including soft copy submissions and undertakings. It outlines timelines for updating these documents based on scheme launch dates and material changes, requiring immediate revisions for fundamental attribute changes. Additionally, it specifies the validity period for SEBI observations and requires trustee certifications for new schemes to ensure they are not minor modifications of existing products. This section mandates the preparation, formatting, and annual updation of Key Information Memorandums (KIM) for mutual fund schemes. It establishes guidelines for selecting benchmark indices based on scheme type and defines fundamental attributes such as investment objecti
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Master Circular for Mutual Funds has been prepared to enable the industry and other users to have an access to all the applicable circulars at one place.
This Master Circular is a compilation of all the circulars issued by SEBI on the above subject, which are operational as on date of this circular.
This Master Circular includes circulars issued upto December 31, 2010.
In case of any inconsistency between the master circular and the applicable circulars, the contents of the relevant circular shall prevail.
Master Circular is a compilation of all the existing/applicable circulars issued by Investment Management Department of SEBI issued to Mutual Funds.
The Offer Document shall have two parts i.e. Scheme Information Document (SID) and Statement of Additional Information (SAI).
The Mutual Funds shall prepare SID and SAI in the prescribed formats. Contents of SID and SAI shall follow the same sequence as prescribed in the format.
The Board of the AMC and the Trustee(s) shall exercise necessary due diligence, ensuring that the SID/SAI and the fees paid are in conformity with the Mutual Funds Regulations.
All offer documents (ODs) of Mutual Fund schemes shall be filed with SEBI in terms of the Regulations.
Draft SID of schemes of Mutual Funds filed with the Board shall also be available on SEBI’s website – www.sebi.gov.in for 21 working days from the date of filing.
AMC shall submit a soft copy of draft SID to the Board in HTML or PDF format. For this purpose, AMC shall be fully responsible for the contents of soft copies of the SID.
A single SAI can be filed with the Board along with the first draft of SID or separately. After incorporating comments, the AMC shall file a soft copy of SAI in PDF format with a printed copy, upload the SAI on its website and on AMFI website.
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Source: SecMarx — Master Circular for Mutual Funds. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.