Master Circular for Mutual Funds
Summary
This section introduces the SEBI Master Circular for Mutual Funds, which consolidates various operational circulars issued by the regulator. It explicitly supersedes the previous Master Circular dated October 1, 2014, and includes circulars issued up to September 14, 2016. The text provides an index of chapters covering offer documents, governance, valuation, and other regulatory norms. 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 these documents based on scheme launch dates and material changes, requiring filings with SEBI within seven days. Additionally, it establishes a six-month validity period for SEBI observations on SIDs and requires trustee certifications 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 stric
Text
This Master Circular shall supersede the previous Master Circular CIR/IMD/DF/18/2014 dated October 01, 2014.
This Master Circular includes circulars issued upto September 14, 2016.
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.
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 printed copy should be filed with Board seven working days prior to launch. AMC shall submit an undertaking certifying that the soft copy matches the hard copy and is fully responsible for contents. Soft copy must be uploaded on AMFI website two working days prior to launch.
You have read the preview. Create a free account to read the full document and see every order that applied it.
Free accounts include 10 searches/day with full text access.
Source: SecMarx — Master Circular for Mutual Funds. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.