Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, which compiles operational circulars as of July 10, 2018. It establishes that this document supersedes the previous master circular dated September 14, 2016. The text outlines the scope of the compilation and provides an index of chapters covering various regulatory aspects of mutual funds. 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 timelines for updating these documents based on scheme launch dates and material changes, requiring immediate revisions or addendums as necessary. Additionally, it specifies the validity period for 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 rules for selecting benchmark indices based on scheme type and defines the duration and operational procedures for New Fund Offers. Additionally, it establishes strict conditions under which mutual funds may restric
Text
This Master Circular shall supersede the previous Master Circular SEBI/HO/IMD/DF3/CIR/P/2016/84 dated September 14, 2016.
This Master Circular includes circulars issued upto June 05, 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. 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. For this purpose, AMC shall be fully responsible
A single SAI can be filed with the first draft of SID or separately; after Board comments, AMC shall file a soft copy in PDF format along with a printed copy, upload on its website and AMFI website.
Final SID must reach the Board before circulation; soft copy and printed copy filed seven working days prior to launch; soft copy uploaded on AMFI website two working days prior to launch.
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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.