Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, which consolidates various operational circulars issued by the regulator. It explicitly supersedes the previous Master Circular dated September 11, 2013, and includes circulars issued up to September 30, 2014. The document establishes that in case of inconsistency, relevant individual circulars prevail over the master compilation. This section mandates the filing procedures for Soft Copies of the Scheme Information Document (SID) and Statement of Additional Information (SAI), including specific timelines and format requirements. It outlines the obligations for updating these documents upon material changes or at regular intervals, ensuring accuracy through undertakings submitted by Asset Management Companies. Additionally, it specifies the validity period of SEBI's observations on SIDs and requires trustees to certify that new schemes are not minor modifications of existing products. This section mandates standard disclosures in Scheme Information Documents and requires the inclusion of a Key Information Memorandum. It establishes guidelines for selecting benchmark indices based on scheme type and defines specific d
Text
This Master Circular shall supersede the previous Master Circular SEBI/IMD/DF/14/2013 dated September 11, 2013.
This Master Circular includes circulars issued upto September 30, 2014.
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 to Mutual Funds. Efforts have been made to incorporate certain applicable provisions of existing circulars (as on date ) issued by other Departments/Divisions of SEBI relevant to Mutual Funds.
The Offer Document shall have two parts i.e. Scheme Information Document (SID) and Statement of Additional Information (SAI). SID shall incorporate all information pertaining to a particular scheme. SAI shall incorporate all statutory information on Mutual Fund.
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.
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)
A single SAI (common for all the schemes) can be filed with Board along with first draft of SID or can be filed separately... AMC shall file a soft copy of SAI with the Board in PDF format alongwith printed copy of the same, 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.