Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, which compiles operational circulars issued up to December 31, 2009. It establishes that in case of inconsistency, relevant individual circulars prevail over the master compilation. The document outlines the structure of the Master Circular and provides an index of chapters covering various regulatory aspects. This section mandates the filing procedures for Soft Copies of the Scheme Information Document (SID) and Statement of Additional Information (SAI), including specific undertakings regarding accuracy. It outlines timelines for updating SIDs and SAIs based on financial years and requires immediate notification of material changes to SEBI. Furthermore, it establishes validity periods for SEBI observations, trustee certifications for new schemes, and disclosure requirements for standard observations. 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 objectives and terms of issue. Additionally, it outli
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Master Circular for Mutual Funds has been prepared to enable the industry and other users to have access to all applicable circulars at one place.
This Master Circular includes circulars issued upto December 31, 2009.
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.
A single SAI can be filed with Board along with first draft of SID or separately. AMC shall file a soft copy of SAI in PDF format alongwith printed copy, upload the SAI on its website and on AMFI website after incorporating comments.
Final SID must reach the Board before issuance for circulation. Soft copy in PDF format along with printed copy should be filed two working days prior to launch. Failure to submit printed SID invites penalties under Mutual Funds Regulations.
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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.