Revision of Application Form for Mutual Fund Registration

Circular HO/24/11/36(24)2026-IMD-RAC4/I/18849/2026 August 17, 2026 To, Entities desirous of becoming Sponsor of a Mutual Fund/ All Asset Management Companies (AMCs)/ All Trustee Companies/Boards of Trustees of Mutual Funds/ Association of Mutual Funds in India(AMFI) Madam/ Sir, Sub: Revision of Application Form for Mutual Fund Registration 1. Please refer to the Master Circular for Mutual Funds dated March 20, 2026 (“Master Circular”) which, inter alia, prescribes the requirements relating to registration of Mutual Funds. 2. At present, applications for registration of a Mutual Fund are processed in two stages, i.e. In-principle approval to the sponsor / applicant for setting up a Mutual Fund and Final registration of the Mutual Fund. 3. Currently, the application for in-principle approval is required to be submitted in Form A, as prescribed under the Master Circular. Further, the application for final registration of a Mutual Fund is required to be accompanied by Forms C and D. 4. In view of the recent overhaul of the SEBI (Mutual Funds) Regulations, 2026 and SEBI Intermediaries Regulations, it has been decided to revise and consolidate the existing forms into a single application form for registration of Mutual Funds. The revised format of Form is enclosed as Annexure A. 5. All other conditions specified in the Master Circular, shall remain unchanged. 6. This Circular is issued in exercise of the powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with SEBI (Mutual Funds) Page 1 of 2Regulations, 2026, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market. 7. This Circular is available at www.sebi.gov.in under the link “Legal → Circulars”. Yours sincerely, Jubin Mehta Deputy General Manager Investment Management Department Page 2 of 2Annexure A Application for the Grant of Registration of Mutual Fund- Form A Application for In-Principle Approval Part A — Identification and Constitution of the Sponsor Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 1 Name of sponsor(s) Name of sponsor / sponsor(s) and specify the sponsor type: – Body corporate – Limited Liability Partnership (LLP) – Pooled Investment Vehicle (PIV) – Private Equity (PE) fund – Any other type 2 Registered and operating addresses For sponsor / sponsor(s) entity, furnish the registered address, the correspondence address, the principal place of business or operations. 3 Contact person details For sponsor / sponsor(s) entity, provide the contact person’s name, mobile number, e-mail address and designation. Part B — Shareholding and Capital Structure Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 5 Shareholding pattern and Ultimate Beneficial Owner (UBO) of sponsor /sponsor(s) Furnish the shareholding pattern of sponsor / sponsor(s) (name of holder and percentage held), including identification of the Ultimate Beneficial Owner(s). 6 Capital structure of the sponsor Provide the capital structure of sponsor / sponsor(s) entity (authorised, issued, subscribed and paid-up capital). 7 Proposed net worth contribution to the AMC State the proposed contribution of sponsor / sponsor(s) to the net worth of the AMC, expressed both as an amount and as a percentage of shareholding.Annexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 8 Latest Net worth of sponsor State the latest net worth of sponsor / sponsor(s) and provide the latest auditor-certified net worth certificate in the format prescribed under the MF Regulations. 9 Audited financial statements Submit the audited balance sheet and profit and loss account for the last five (5) financial years for sponsor / sponsor(s) Part C — Eligibility Route and Item-wise Compliance [Regulation 5] The sponsor shall indicate the route under which the application is submitted along with item- wise compliance with the conditions applicable to that route. Tick the elected route below and provide compliance details against each applicable condition. Route elected (tick one): [ ] Route 1 — Regulation 5(a) [ ] Route 2 — Regulation 5(a) Route 1 - [Regulation 5(a)] Compliance Annex. S.No Particulars Criteria details Ref. furnished 1 Experience Carrying on business in financial services for minimum five years. 2 Net Worth Net worth is positive in each of the immediately preceding five years. 3 Positive Liquid Positive liquid net worth is more than Net Worth the proposed capital contribution of the sponsor in the AMC. 4 Profitability Net profit in financial services business after providing for depreciation, interest and tax in each of the immediately preceding five years 5 Average net annual profit of at least rupees ten crore, after depreciation, interest and tax, from financial services business during the immediately preceding five years.Annexure A Route 2 – [Regulation 5(a)] Compliance Particulars details Annex. S.No Condition furnished Ref. with undertaking 1 Experience Appoint experienced personnel in AMC such that the total combined experience of Chief Executive Officer, Chief Operating Officer, Chief Risk Officer, Chief Compliance Officer and Chief Investment Officer should be at least thirty years and each of them shall have a minimum of 3 years of relevant experience. 2 Net Worth Net worth of the asset management company shall be at least rupees one hundred fifty crore (Rs. 150 Crores) at the time of registration which shall be infused by the sponsor. 3 Positive Liquid Positive liquid net worth is more than the Net proposed capital contribution of the sponsor in the AMC. worth 4 Lock-in Initial shareholding equivalent to capital Requirement contributed to the AMC to the extent of at least Rs 150 crore is locked-in for a period of five years. Part D — Business Activities, Experience and Regulated Activities Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 10 Line of business and experience Describe the line of business activities of sponsor / sponsor(s) and provide details of its experience, particularly in financial services. 11 Regulated activities of the sponsor and its associates/subsidiaries Furnish details of the regulated activities of the sponsor and its associates/subsidiaries, in tabular form, capturing the following for each associated entity/subsidiaries: – Name of the associated entity – Business areaAnnexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status – Regulator (if any) – Assets managed (Rs crore) – Number of customers / investors Part E — Details of Management, Associates and Group Companies Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 12 Management of the sponsor and its associates/subsidiaries Furnish details w.r.t management of sponsor / sponsor(s) and its associates/subsidiaries, including: – Organisation structure – Board of directors, with PAN (for Indian entities) or passport (for non-Indian entities) – Names of Key Management Personnel (KMP) – Board of the company, with name, experience and qualifications of each member. Part F — Database Verification and Regulatory History Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 13 Database verification and undertaking Provide verification and an undertaking in respect of the following databases, covering the sponsor, its associates, subsidiaries, group companies and their directors: – CIBIL database (both suit-filed and non-suit-filed) – United Nations Security Council (UNSC) Consolidated Sanctions List https://main.un.org/securitycouncil/en/content/un- sc-consolidated-list – International Organization of Securities Commissions (IOSCO) Database- https://www.iosco.org/i-scan/ – SEBI Prosecution List – https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListingAll=yes&cid=14 14 Fit and proper declaration Submit a self-certified “fit and proper person” declaration as per Schedule II of SEBI (Intermediaries) Regulations, 2008, in respect of: – the applicant – the directors or managing partnersAnnexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status – the key management personnel – the promoters or persons holding a controlling interest, or persons exercising control over the applicant or intermediary, directly or indirectly – the Ultimate Beneficial Owner(s) 15 Regulatory actions in the last five (5) years Provide details of any regulatory action taken by any regulator, in India or abroad, against the sponsor or its associates in the last five (5) years. Part G — Procedures and Policies Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 16 Customer on-boarding and grievance handling Submit a detailed write-up on the customer on-boarding process, including the complaint-handling mechanism, the grievance-escalation mechanism, customer service centres and turnaround times. 17 Organisation structure for query and grievance handling Describe the organisation structure for query handling, including the departmental structure for grievance handling and the monitoring and review of complaints. 18 Complaints history (last five years) State the number of complaints received and resolved and the time taken for resolution of all complaints received in the last five (5) years, together with any compensation paid pursuant to a complaint, arbitration or any other reason. 19 Compliance process Describe the compliance process, including regulatory requirements, the activities of the compliance department, manuals and checklists, reports and the reporting hierarchy. 20 Conflicts of interest policy Provide the details of the conflicts of interest policy implemented in the organisation. 21 Insider trading and employee trading policyAnnexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status Provide the policy on insider trading and employee trading and describe the systems established to monitor the same. Part H — Additional Requirements for a Pooled Investment Vehicle / Private Equity Sponsor Applicable only where the sponsor is a Pooled Investment Vehicle (PIV) or a Private Equity (PE) fund. Where not applicable, mark the part as not applicable with a brief reason. Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 22 Certificate of incorporation Certificate of incorporation of the sponsor entity. 23 Registration as an AIF Where the PE fund is registered in India, the certificate of registration as an Alternative Investment Fund (AIF). 24 Identification as a PE fund (foreign entity) Where the sponsor is a foreign entity or fund, that the entity or fund is identified as a PE fund in its home jurisdiction. 25 Supporting document of experience of a minimum of five (5) years’ experience acting as a fund / investment manager and of experience of investing in the financial sector, having managed committed and drawn-down capital of not less than Rs 5,000 crore as on the date of the application to SEBI. 26 Investment activity report Provide investment activity report for last 1 year as per the prescribed definition of committed and drawn-down capital. 27 Self-certified declaration on committed and drawn- down capital A self-certified declaration by the applicant PE fund regarding committed and drawn-down capital — Part I — Annexures to be Provided by the Sponsor (Stage I) Number the following annexures consecutively and cross-reference them in the “Annexure Ref.” columns above.Annexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 1 Activities write-up Write-up on the activities of the proposed sponsor(s) depicting financial-services work experience. 2 Memorandum and Articles of Association of the sponsor Copy of the Memorandum and Articles of Association of the sponsor/ sponsor(s). 3 Declaration under Regulation 5(a)–(h) Self-certified declaration in respect of all clauses of Regulation 5(a) to (h). 4 Declaration on encumbrance-free stake Self-certified declaration by the sponsor that the sponsor’s stake in the proposed AMC shall remain free from any encumbrance, in any form, at all points of time. 5 Fines levied (last 5 financial years) Details of fines levied by any regulatory body in the last five (5) financial years, if any. 6 Court cases / litigation (last 3 years) Details of court cases or litigation, if any, in which the sponsor(s) have been involved in the last three (3) years. Declaration by the Sponsor(s) I / We hereby declare that the information furnished in this application and in the annexures is true, complete and correct, and that: – all declarations and undertakings have been self-certified, and — in the case of companies — are provided by the authorised person / authorised signatory of the respective company, including the investment manager where control of the pooled funds lies with the investment manager; and – the information has been submitted in compliance with SEBI (Mutual Funds) Regulations, 2026 Signature of Authorised Signatory: ___________________________________ Name & Designation: ___________________________________ For and on behalf of the Sponsor: __________________________ Date: ____________________ Place: ____________________ Company Seal:Annexure A Stage II — Application for Final Registration of the Asset Management Company (AMC) Draft Articles and Memorandum of Association of AMC and Trustee Company for approval (to be submitted prior to submission of the form for final registration). Part A — Particulars of the AMC Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 1 Name of the AMC name of the asset management company. 2 Office addresses Address of proposed registered office and the proposed correspondence address. 3 Compliance officer Provide the contact details of the compliance officer. 4 Main object clause Provide an extract of the main object clause permitting the activity of an AMC. 5 Capital structure and shareholding State the proposed capital structure and shareholding pattern, including the break-up of shareholding and the capital infused / contributed. 6 Latest Net worth State the latest net worth of AMC and provide the latest auditor-certified net worth certificate in the format prescribed under the MF Regulations. 7 Associates and group companies State the names of the associate organisations, group companies and subsidiaries of the AMC. 8 Board of the AMC Provide the details of the board of the AMC, with the names, experience and qualifications of the directors. 9 Key Management Personnel Provide details of the Key Management Personnel (KMP). 10 Internal controls and policy manualsAnnexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status Provide a list of internal controls and policy manuals. Part B — Additional Particulars where an Existing AMC is Proposed Applicable only where an existing AMC is proposed. In addition to Part A, furnish the following. Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 11 Date and place of incorporation State the date and place of incorporation of the existing AMC. 12 Court cases, litigation and regulatory actions (last 3 years) Provide details of any court cases, litigation or regulatory actions in which the AMC may have been involved in the last three (3) years. 13 Registration details of existing AMC Part C — Annexures to be Provided in Respect of the AMC Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status 13 Detailed business plan A detailed business plan for the AMC. 14 Adequacy of infrastructure of the availability of adequate infrastructure, including KMPs, capital and related resources. 15 Physical infrastructure Details of physical infrastructure, including access controls, the order management system and the risk management framework. 16 Investor services framework The investor services framework, including the customer on-boarding process and investor servicing. 17 IT infrastructureAnnexure A Applicant’s Annex. S.No Particulars / Requirement Response / Ref. Status Details of the IT infrastructure, including the system audit report, network architecture, cybersecurity measures, and the policy for monitoring social-media posts by KMPs. 18 Business continuity and disaster recovery The Business Continuity Plan (BCP) and the Disaster Recovery (DR) framework. 19 Compliance process The compliance process, including regulatory requirements, the activities of the compliance department, manuals and checklists, reports and the reporting hierarchy. 20 Conflict of interest policy Provide details of the conflict of interest of policy implemented in the system. 21 Insider trading and employee trading policy The policy on insider trading and employee trading and the systems established to monitor the same. Declaration in Respect of the AMC I / We hereby declare that the information furnished in respect of the asset management company and in the accompanying annexures and enclosures is true, complete and correct, and has been submitted in compliance with the applicable provisions of the SEBI (Mutual Funds) Regulations, 2026 and the SEBI (Intermediaries) Regulations, 2008. Signature of Authorised Signatory: ___________________________________ Name & Designation: ___________________________________ For and on behalf of the Asset Management Company: __________________________ Date: ____________________ Place: ____________________ Company Seal: