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TMI BlogSimplification of Offer Document and Key Information Memorandum of Mutual Funds SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... ormat for memorandum containing key information (Key Information Memorandum/KIM) of Mutual Fund schemes is prescribed in the circular dated July 28, 2004. 2. AMFI had set up a committee to examine the ways of simplification of OD and KIM to make it more reader friendly. The committee recommended that the existing OD may be split into two parts i.e. Statement of Additional Information (SAI) and Scheme Information Document (SID). SAI shall incorporate all statutory information on Mutual Fund. 3. The formats of Standard OD and KIM specified through circulars dated March 31, 1998 and July 28, 2004 respectively stand revised. Henceforth, Mutual Funds shall prepare SID, SAI and KIM in the simplified format enclosed with the circular. Con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 months from the date of issuance of this circular. A confirmation in this regard shall be given in the half yearly trustee report. 5. Updation of SID and KIM Henceforth, clause 1 of circular dated February 9, 2001 pertaining to Updating the offer document on a continuous basis shall not be applicable. The procedure for updation of SID and KIM shall be as follows: i. For the schemes launched in the first half of a financial year, the SID shall be updated within 3 months from the end of the financial year. However, for the schemes launched in the second half of a financial year, SID shall be updated within 3 months of the end of the subsequent financial year. (For example, for a fund launched in May, 2008 the SID shall be up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of SAI The procedure for updation of SAI shall be as follows: i. Mutual Funds shall be required to prepare SAI and upload the same on their website and on AMFI website. The printed copy of the same shall be made available to the investor on request. SAI shall be updated within 3 months from end of financial year and filed with SEBI. ii. Any material changes in the SAI shall be made on an ongoing basis by way of updation on the Mutual Fund and AMFI website. SEBI shall be intimated of the changes made in the SAI within 7 days. The effective date for such changes shall be mentioned in the updated SAI. 7. Other requirements i. Application forms for schemes of mutual funds for which the offer documents are filed wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n draft SID as required under Regulation 29 (2), if any, within six months from the date of the letter. In case of lapse of six-month period, the mutual funds shall be required to file fresh SID alongwith filing fees. 8. Standard Observations In order to ensure minimum level of disclosures in the SID and SAI, the revised and updated format of Standard Observations as on date of issuance of this circular are enclosed. SEBI may revise the Standard Observations from time to time and in that case the date of revision shall also be mentioned. While filing the SID and SAI, AMC shall highlight and clearly mention the page number of the SAI and SID on which each standard observation has been incorporated. 9 . Easy Availability of Offer Do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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