**Summary:**
This Securities and Exchange Board of India (SEBI) circular, reference number SEBI/HO/IMD/IMD-II/DOF3/P/CIR/2022/24, dated February 25, 2022, addresses all Mutual Funds, Asset Management Companies (AMCs), Trustee Companies/Boards of Trustees of Mutual Funds, and the Association of Mutual Funds in India (AMFI). The circular pertains to the swing pricing framework for mutual fund schemes. Specifically, it announces an extension of the implementation date of the swing pricing framework, initially stipulated in Circular No. SEBI/HO/IMD/IMD-II/DOF3/P/CIR/2021/631 dated September 29, 2021, from the original date to May 1, 2022. This extension is based on a request received from AMFI. The circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, aimed at protecting investor interests and regulating the securities market. For further information, Bithin Mahanta, General Manager, can be contacted at Tel no.: 022-26449634 or via email at bithinmsebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body for securities markets in India. The circular is issued by SEBI.
Mutual Funds: Investment vehicles subject to the swing pricing framework mentioned in the circular.
Asset Management Companies: Companies that manage mutual funds and are addressed in the circular.
AMFI: Association of Mutual Funds in India, which requested the extension of the swing pricing implementation date.
Swing pricing framework: A mechanism for adjusting the net asset value (NAV) of a mutual fund to account for transaction costs associated with large inflows or outflows of money.
Securities and Exchange Board of India Act 1992: The act under which SEBI derives its powers to issue regulations and protect investors.
SEBI Mutual Funds Regulation, 1996: Regulation that SEBI uses to protect the interests of investors and regulate the securities market.
Bithin Mahanta: General Manager at SEBI, named as the contact person in the circular.
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Securities and Exchange Board of India
CIRCULAR
SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/24 February 25, 2022
All Mutual Funds/
Asset Management Companies (AMCs)/
Trustee Companies/Boards of Trustees of Mutual Funds/
Association of Mutual Funds in India (AMFI)
Sir/ Madam,
Subject: Swing pricing framework for mutual fund schemes – Extension of
timeline
1. SEBI, vide Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/631 dated
September 29, 2021, had stipulated swing pricing framework for mutual fund
schemes.
2. Based on the request received from AMFI, it has been decided to extend the
implementation date of the provisions of the aforesaid circular to May 1,
2022.
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 the
provision of Regulation 77 of SEBI (Mutual Funds) Regulation, 1996 to
protect the interests of investors in securities and to promote the
development of, and to regulate the securities market
Yours faithfully,
Bithin Mahanta
General Manager
Tel no.: 022-26449634
Email: bithinm@sebi.gov.in
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