**Summary:**
This circular, issued by the Securities and Exchange Board of India (SEBI) on March 12, 2024, pertains to the simplification and streamlining of Offer Documents for Mutual Fund Schemes. Specifically, it extends the timelines for implementing the revised Scheme Information Document (SID) format prescribed in circular SEBI/HO/IMD/IMDR/RAC2/P/CIR/2023/00175, dated November 01, 2023.
The updated format for SID/KIM/SAI will now be implemented with effect from June 01, 2024. Draft SIDs filed with SEBI on or before May 31, 2024, SIDs for which final observations are pending, or SIDs for which final observations have been received but are launched on or before May 31, 2024, can utilize the old SID format, provided they are updated by June 30, 2024, using data as of May 31, 2024.
Furthermore, the circular extends the deadline for the scheduled updation of SID and KIM for the half-year ended March 31, 2024, to June 30, 2024. This extension is specifically applicable for the half-year ended March 31, 2024, to avoid duplication of efforts and ensure uniform implementation of revised formats. All updated/revised SIDs shall be made available on the websites of SEBI, AMFI, and AMCs within the specified timelines.
This circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Regulation 77 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, to protect investor interests and regulate the securities market.
For further information, contact Vishakha M at vishakha.m@sebi.gov.in or by telephone at 022-26449206.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulatory body issuing the circular regarding mutual fund offer documents.
Mutual Funds (MFs): Entities regulated by SEBI, addressed in the circular.
Asset Management Companies (AMCs): Companies that manage mutual funds, addressed in the circular.
Association of Mutual Funds in India (AMFI): An association that submitted a request that led to revisions in the circular's timelines.
Scheme Information Document (SID): A document containing information about a mutual fund scheme, the format of which is being simplified and streamlined.
Key Information Memorandum (KIM): A document containing key information about a mutual fund scheme, related to the SID.
Securities and Exchange Board of India Act, 1992: The legal basis for the circular, granting SEBI the power to issue regulations.
Securities and Exchange Board of India Mutual Funds Regulations, 1996: Regulations that SEBI is using in conjunction with the SEBI Act to issue the circular.
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Securities and Exchange Board of India
CIRCULAR
SEBI/HO/IMD/IMD-RAC-2/P/CIR/2024/000015 March 12, 2024
To
All Mutual Funds (MFs)/
Asset Management Companies (AMCs)/
Trustee Companies/ Board of Trustees of Mutual Funds/
Association of Mutual Funds in India (AMFl)
Dear Sir / Madam,
Sub: Simplification and streamlining of Offer Documents of Mutual Fund
Schemes - Extension of timelines
1. SEBI vide circular. ~SEBI/HO/IMD/IMD-RAC-2/P/CIR/2023/00175 dated
November 01, 2023 prescribed simplified format of Scheme Information
Document (SID).
2, Pursuant to request submitted by AMFI and discussions thereafter, it has been
decided to revise the date of applicability of provisions at para 4 of aforesaid
circular as under:
a, Updated format for SID/KIM/SAI to be implemented w.e.f. June 01,
2024,
b. Draft SIDs to be filed with SEBI on or before May 31, 2024 or SIDs
already filed with SEBI (final observations yet to be issued) or SIDs
for which the final observations have already been received from
‘SEBI (if launched on or before May 31, 2024), can use the old format
of SID, provided that the SIDs are updated as per timeline mentioned
at (c) below.
9 For Existing SIDs — by June 30, 2024 with data as on May 31, 2024.
d. Reference is drawn to para 1.2.1 and 1.2.4 of Master circular dated
May 19, 2023 w.r.t updation of SID and KIM within 1 month from the
end of half year i.e. April 30, 2024 for half year ended March 31,
2024. In order to avoid duplication of efforts of AMCs as well as to
ensure uniform implementation of revised formats, the scheduled
updation of SID and KIM for half year ended March 31, 2024, may be
carried out by AMCs by June 30, 2024. This extension shall be
applicable specifically for half year ended March 31, 2024 only.
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SE Securities and Exchange Board of India Continuation:
All updated/revised SIDs shall be made available on the website of
SEBI/AMFI/AMCs within the timelines specified above.
3. 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.
Tel no.: 022-26449206
Email: vishakham@sebi.gov.in
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