Master Circular for Mutual Funds
Summary
This section establishes the Master Circular as a compilation of operational SEBI circulars for Mutual Funds, superseding previous versions. It mandates that in case of inconsistency, relevant circular contents prevail over the Master Circular. The document outlines the structure of Offer Documents, requiring separate Scheme Information Documents and Statements of Additional Information. 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 specific timelines for updating SIDs and SAIs based on scheme launch dates and material changes. Additionally, it defines the validity period of SEBI observations and requires trustee certification for new schemes. This section mandates standard disclosures in Scheme Information Documents and specifies the format and update frequency for Key Information Memorandums. It outlines permissible benchmark indices for various fund categories and sets strict conditions for the New Fund Offer period and redemption restrictions. Redemption bans are limited to systemic crises and require Board approval, with a maximum du
Text
This Master Circular includes circulars issued upto March 31, 2020 and shall supersede the previous Master Circular No.SEBI/HO/IMD/DF5/CIR/P/2018/109 dated July 10, 2018.
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.
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. The Board of the AMC and the Trustee(s) shall exercise necessary due diligence ensuring conformity with 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 the Board along with the first draft of SID or separately. After incorporating comments, 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.
Final SID must reach the Board before issuance for circulation. Soft copy in PDF format along with a printed copy should be filed with the Board seven working days prior to the launch of the scheme.
AMC shall submit an undertaking certifying that information in the soft copy uploaded on SEBI website is current, relevant, matches the hard copy, and that the AMC is fully responsible for the contents.
The soft copy of SID should be uploaded on the AMFI website two working days prior to the launch of the scheme.
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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.