Timelines related to processing of scheme related applications filed by AMCs
Summary
This SEBI circular establishes a 21-working-day timeline for the deemed acceptance of scheme-related applications filed by Asset Management Companies. It specifies that silence from SEBI within this period constitutes approval or non-objection, provided the application is complete and compliant. The regulations apply to all applications received on or after September 1, 2021.
Text
The application filed by AMCs for the following matters may be deemed to be taken on record in case no modifications are suggested or no queries are raised by SEBI within 21 working days: Change in the Fundamental Attributes of a scheme; Merger/Consolidation of Schemes; Rollover of Close-ended schemes; Conversion of Close-ended scheme to Open ended scheme
In respect of applications filed by AMCs under Regulation 24 (b) of SEBI (Mutual Funds) Regulations, 1996, no objection will have been deemed to be communicated in case no modifications are suggested or no queries are raised by SEBI within 21 working days
The timelines mentioned at para 1 and 2 above shall generally be adhered to provided the application is complete in all respects and in compliance with all the relevant Regulations and circulars issued by SEBI
The timelines mentioned at para 1 and 2 above shall generally be adhered to except in cases where subject matter of approval requires a policy view to be taken or presents a unique situation which requires wider consultation and deliberation
The circular shall be applicable for all the applications received on or after September 01, 2021
This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 77 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market
Source: SecMarx — Timelines related to processing of scheme related applications filed by AMCs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.