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TMI BlogCircular on Mutual FundsX X X X Extracts X X X X X X X X Extracts X X X X ..... ds A. Uniformity in applicability of Net Asset Value (NAV) across various schemes upon realization of funds: 1. In terms of paragraph 1 of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020, the uniform applicability of NAV in respect of purchase of units of mutual fund schemes upon realization of funds, was to come into effect from January 1, 2021. 2. Upon con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he respective schemes. However, a fund manager may authorize an employee of the AMC for order placement on his behalf, subject to adherence to the following: a. The order instructions to such employee by the fund manager shall be through electronic mode i.e. either through e-mail or other electronic utility, wherein scheme wise audit trail of such orders starting from the instruction of the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such orders. b. The AMCs shall ensure that orders in breach of applicable regulatory limits and allocation limits as specified in Scheme Information Documents (SIDs), should not be placed and executed. c. The fund manager shall provide the scheme wise details as required for order placement such as value of transaction(s), nature of transaction(s), etc. to the dealer. d. The sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ler shall not be mandatory. iii. Paragraph 2.3.2 of the aforesaid circular is modified as under: Audit trail of activities as detailed in paragraph 2.2.1 related to order placement, trade execution and allocation shall be available in the system. Further, there should be time stamping with respect to order placed by fund manager (or the order placed by the employee of the AMC authorized ..... X X X X Extracts X X X X X X X X Extracts X X X X
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