Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, consolidating circulars operational as of March 31, 2013. It establishes that this compilation supersedes previous master circulars and clarifies that specific circular contents prevail in case of inconsistency. The text outlines the structure of the document, including an index of chapters covering offer documents, governance, and valuation norms. This section mandates the filing procedures for draft and final Scheme Information Documents (SID) and Statement of Additional Information (SAI), including format requirements and public availability. It outlines the timelines and processes for updating SIDs and SAIs, particularly regarding fundamental attribute changes and annual updates. Additionally, it specifies the validity period for SEBI observations on SIDs and requires trustee certifications for new schemes. This section mandates the disclosure of specific certifications and standard observations in Scheme Information Documents. It establishes requirements for Key Information Memorandums, including formatting, annual updates, and attachment of addenda. Additionally, it prescribes product labeling standards, bench
Text
This Master Circular shall supersede the previous Master Circular SEBI/IMD/MC No.3/10554/2012 dated May 11, 2012.
This Master Circular includes circulars issued upto March 31, 2013.
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... AMC shall also submit an undertaking to the Board while filing the soft copy of draft SID certifying that the information contained in the soft copy matches exactly with the contents of the hard copy filed with the Board.
In case of any inaccurate filing, the SID will be returned and refiling will be required. 21 working days shall be calculated from the date of refiling;
If any changes to the SID are made after filing, the 21 working day(s) period will recommence from the date of submission of the last additional statement(s).
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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.