Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, which compiles all operational circulars issued up to March 31, 2012. It establishes that in case of inconsistency, the relevant original circular prevails over the master compilation. The document also provides an index and a list of abbreviations used throughout the regulatory framework. This section mandates the filing procedures for Soft Information Documents (SID) and Scheme Information Statements (SAI), including specific timelines and format requirements. It outlines the obligations for updating these documents upon material changes or at regular intervals, ensuring accurate public disclosure. Additionally, it defines the validity period of SEBI observations and requires trustee certification for new schemes. 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 the duration and operational procedures for New Fund Offers (NFOs). Additionally, it outlines the regulatory requirements and investor protections involved in converting close-ended s
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Master Circular for Mutual Funds has been prepared to enable the industry and other users to have an access to all the applicable circulars at one place.
This Master Circular is a compilation of all the circulars issued by SEBI on the above subject, which are operational as on date of this circular.
This Master Circular includes circulars issued upto March 31, 2012.
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. After incorporating comments, AMC shall file a soft copy of SAI in PDF format alongwith printed copy, 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.