9911796707
TMI BlogLimitation on fees and expenses on issue of schemesX X X X Extracts X X X X X X X X Extracts X X X X ..... costs for terminating a fund or a scheme ; (xii) costs of statutory advertisements ;] 6 [***] 7 [(xii-a) in case of a gold exchange traded fund scheme, recurring expenses incurred towards storage and handling of gold; 8 [***]] 26 [ (xiiaa) in case of a silver exchange traded fund scheme, recurring expenses incurred towards storage and handling of silver; ] 9 [(xii-b) in case of a capital oriented scheme, rating fees; 10 [***]] 11 [(xii-c) in case of a real estate mutual fund scheme, insurance premia and costs of maintenance of the real estate assets (excluding costs of development of such assets) over and above the expenses specified in regulation 52 to the extent disclosed in the offer document;] 12 [(xii-d) listing fees, in case of schemes listed on a recognised stock exchange; and] 25 [ (xiie) in case of schemes investing in exchange traded commodity derivatives, recurring expenses incurred towards storage and handling of the underlying goods, due to physical settlement of such contracts. ] 13 [(xiii)] such other costs as may be approved by the Board. (5) Any expense other than those specified in sub-regulations (2) and (4) shall be borne by the asset management company 14 [or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r equity oriented schemes Total expense ratio limits for other than equity oriented schemes on the first ₹ 500 crores of the daily net assets 2.25% 2.00% on the next ₹ 250 crores of the daily net assets 2.00% 1.75% on the next ₹ 1,250 crores of the daily net assets 1.75% 1.50% on the next ₹ 3,000 crores of the daily net assets 1.60% 1.35% on the next ₹ 5,000 crores of the daily net assets 1.50% 1.25% On the next ₹ 40,000 crores of the daily net assets Total expense ratio reduction of 0.05% for every increase of ₹ 5,000 crores of daily net assets or part thereof. On balance of the assets 1.05% 0.80% (d) in case of close ended and interval schemes, (i) the total expense ratio of equity oriented scheme(s) shall not exceed 1.25 per cent of the daily net assets of the scheme. (ii) the total expense ratio of close ended and interval scheme(s) other than schemes specified in clause d (i) above shall not exceed 1.00 per cent of the daily net assets of the scheme.] 18 [(6A) In addition to the limits specified in sub-regulation (6), the following costs or expenses may be charged to the scheme, namely- 27 [ (a) brokerage and transaction costs which ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 100 crores, where net assets so calculated exceed ₹ 100 crores. Provided that in case of an index fund scheme, the investment and advisory fees shall not exceed three fourths of one percent (0.75%) of the weekly average net assets. 2 Omitted by the SEBI (Mutual Funds) (Amendment) Regulations, 2010, w.e.f. 29-7-2010. Prior to its omission, sub-regulations (3) read as under; (a) For schemes launched on a no load basis, the asset management company shall be entitled to collect an additional management fee not exceeding 1% of the weekly average net assets outstanding in each financial year. 3 Substituted by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, w.e.f. 01-10-2012, for the words mutual fund . 4 Omitted by the SEBI (Mutual Funds) (Amendment) Regulations, 2008, w.e.f. 16-4-2008. Prior to omission, sub-regulation (4)(a) read as under; *[initial expenses of launching close-ended schemes, which shall be accounted in the books of account of the scheme in accordance with the Tenth Schedule;] [*Inserted by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2006, w.e.f. 22-5-2006] 5 Sub-clause (vii) to (xii) inserted by the SEBI (Mutual Funds) (Amendment) R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 per cent of the daily net assets of the scheme. (b) in case of an index fund scheme or exchange traded fund, the total expenses of the scheme including the investment and advisory fees shall not exceed one and one half percent (1.5%) of the daily net assets; (c) in case of any other scheme- (i) on the first ₹ 100 crores of the daily net assets 2.5%; (ii) on the next ₹ 300 crores of the daily net assets 2.25%; (iii) on the next ₹ 300 crores of the daily net assets 2.0%; (iv) on the balance of the assets 1.75%: Provided that in respect of a scheme investing in bonds such recurring expenses shall be lesser by at least 0.25% of the daily net assets outstanding in each financial year. [Prior to the above substitution, sub-regulation (6) was substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2010, w.e.f. 29-7-2010, which read as under; *[(6) The total expenses of the scheme excluding issue or redemption expenses, whether initially borne by the mutual fund or by the asset management company, but including the investment management and advisory fee shall be subject to the following limits :- (i) On the first ₹ 100 crores of the average weekly net asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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