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TMI BlogSimplification and streamlining of Offer Documents of Mutual Fund SchemesX X X X Extracts X X X X X X X X Extracts X X X X ..... 23, 2008 and incorporated as Clause 1.1.2 of Master Circular dated May 19, 2023 , stands modified. 4. Applicability: The revised format for SID, KIM and SAI shall be adopted as under: a. Updated format for SID/KIM/SAI to be implemented w.e.f. April 01, 2024. b. Draft SIDs to be filed with SEBI on or before March 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 March 31, 2024), can use the old format of SID, provided that the SIDs are updated as per timeline mentioned at (c) below. c. For Existing SIDs by April 30, 2024 with data as on March 31, 2024. All updated/revised SIDs shall be made available on the website of SEBI/AMFI/AMCs within the timelines specified above. 5. Further, in order to give effect to the revisions in the SID, the following clauses of SEBI Master circular dated May 19, 2023 stand modified, as detailed below: Sl. No. Clauses of Master Circular Modified clause 1. Format 5A SID Format (referred to in clause ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of, and to regulate the securities market. Yours faithfully, Vishakha More Deputy General Manager Tel no.: 022-26449206 Email: [email protected] Annexure A Front Cover Page SCHEME INFORMATION DOCUMENTSECTION I NAME OF THE SCHEME ( Type of Scheme ) 1. Name and type of the scheme to be aligned with SEBI Circulars on Categorization and Rationalization of Mutual Fund Schemes, 2. As per SEBI Circulars on Potential Risk Class (PRC) Matrix for debt schemes, type of scheme to include PRC description and table 3. For Index Funds / Index ETF - Name of scheme shall include complete name of underlying Index. 4. In case of FOF s where single fund is underlying (Feeder Funds): To include the complete name of the underlying fund in the name of the scheme 5. Product Labelling and Risk-o-meter of the Scheme and Benchmark should be disclosed 6. In case the scheme is listed/proposed to be listed (ETFs/close ended etc.), the Scrip Code issued by the stock exchange after listing to be mentioned below the Scheme Name. This product is suitable for investors who are seeking*: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... comments/instructions. Instructions: i. A Mutual Fund is free to add any other disclosure, which in the opinion of the Trustees of the Mutual Fund (Trustees) or the Asset Management Company (AMC) is material for the investor, provided that such information is not presented in an incomplete, inaccurate or misleading manner. Care should be taken to ensure that inclusion of such information does not, by virtue of its nature, or manner of presentation, obscure or impede understanding of any information that is required to be included under the Scheme Information Document. ii. Since investors who rely on the Scheme Information Document may not be sophisticated in legal or financial matters, care should therefore be taken to present the information in the Scheme Information Document in simple language and in a clear, concise and easily understandable manner. iii. The scheme shall not have a name or title which may be deceptive or misleading. Scheme s name should be consistent with its statement of investment policy and the scheme name should be in line with SEBI circulars on categorization. iv. The type of the scheme would mean whether the scheme is a growth sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VIII. NAV disclosure Mention only the Daily Disclosure timings on AMFI and AMC website. Further Details in Section II. IX. Applicable timelines Timeline for Dispatch of redemption proceeds, Dispatch of IDCW (if applicable) etc. X. Plans and Options Plans/Options and sub options under the Scheme Plan- Direct Plan/Regular Plan Options under each Plan(s) Growth Income Distribution cum Capital Withdrawal (IDCW) (include facilities if applicable) Including Default option/ facility (as applicable) For detailed disclosure on default plans and options, kindly refer SAI. XI. Load Structure Exit Load: XII. Minimum Application Amount/switch in During NFO: On continuous basis: AMC to mention about minimum balance requirements (if any) XIII. Minimum Additional Purchase Amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan Systematic Transfer Plan Systematic Withdrawal Plan For further details of above special products / facilities, For Details, kindly refer SAI XXV. Weblink A weblink wherein TER for last 6 months as well as scheme factsheet shall be made available. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY It is confirmed that: (i) The Scheme Information Document submitted to SEBI is in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the guidelines and directives issued by SEBI from time to time. (ii) All legal requirements connected with the launching of the Scheme as also the guidelines, instructions, etc., issued by the Government and any other competent authority in this behalf, have been duly complied with. (iii) The disclosures made in the Scheme Information Document are true, fair and adequate to enable the investors to make a well informed decision regarding investment in the Scheme. (iv) The intermediaries named in the Scheme Information Document and Statement of Additional Information are registered with SEBI and their registration is valid, as on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information/disclosure to be added as per applicable Consolidated checklist of standard observations. Indicative Table (Actual instrument/percentages may vary subject to applicable SEBI circulars) Sl. No Type of Instrument Percentage of exposure Circular references* 1. Securities Lending 2. Equity Derivatives for nonhedging Purposes 3. Securitized Debt 4. Overseas Securities 5. ReITS and InVITS 6. AT1 and AT2 Bonds 7. Any other instrument *SEBI circular references (wherever applicable) in support of exposure limits of different types of asset classes in asset allocation shall be provided. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me, age, educational qualification and experience of the fund manager to the scheme to be disclosed. The experience of the fund manager should include last 10 years experience and also the name of other schemes under his /her management. Dedicated fund manager is mandatory for commodity based funds and overseas investments as per applicable SEBI circulars F. HOW IS THE SCHEME DIFFERENT FROM EXISTING SCHEMES OF THE MUTUAL FUND? Provide a reference list of existing schemes and a functional website link that contains detailed comparative table. G. HOW HAS THE SCHEME PERFORMED (if applicable) [ In case of a new scheme, this is not applicable hence give the statement- This scheme is a new scheme and does not have any performance track record ] Or [ In case of a scheme in existence, the return figures shall be given for that scheme only. For a scheme which is in existence for more than 1 year, the returns given will be Compounded Annualised Returns and for scheme which is in existence for less than 1 year, the returns wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the units of mutual fund scheme. Disclosure to the effect that the repurchase price shall not be lower than 95% of the NAV. For other details such as policies w.r.t computation of NAV, rounding off, investment in foreign securities, procedure in case of delay in disclosure of NAV etc. refer to SAI B. NEW FUND OFFER (NFO) EXPENSES These expenses are incurred for the purpose of various activities related to the NFO like sales and distribution fees paid marketing and advertising, registrar expenses, printing and stationary, bank charges etc. Details of source for meeting these expenses may be disclosed. AMC to ensure that no NFO expenses will be / were charged to the Scheme. C. ANNUAL SCHEME RECURRING EXPENSES These are the fees and expenses for operating the scheme. These expenses include Investment Management and Advisory Fee charged by the AMC, Registrar and Transfer Agents fee, marketing and selling costs etc. as given in the table below: The AMC has estimated that upto _____ % of the daily average net assets of the scheme will be charged to the scheme as expenses (Give slab wise break up depending on the assets under management. Give plan/option wise b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cable structure, please refer to the website of the AMC (www.-----) or may call at (toll free no.) or your distributor. Type of Load Load chargeable (as %age of NAV) Exit To be prescribed by respective AMC Section II I. Introduction A. Definitions/interpretation Functional website link that contains detailed description B. Risk factors - Scheme specific risk factors Include risk factors associated with investment in various instruments in which the scheme intends to invest as indicated in asset allocation section. C. Risk mitigation strategies II. Information about the scheme: A. Where will the scheme invest Detailed description of the instruments (including overview of debt markets in India, if applicable) mentioned in Section I B. What are the investment restrictions? All the investment restrictions as contained in the Seventh Schedule to SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder, applicable to the scheme should be incorporated. Further in case the fund follows any internal n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of asset, as per clause 13.6.2 of SEBI master circular for mutual funds dated May 19, 2023 (only for close ended debt schemes) G. Other Scheme Specific Disclosures: Listing and transfer of units Dematerialization of units Minimum Target amount (This is the minimum amount required to operate the scheme and if this is not collected during the NFO period, then all the investors would be refunded the amount invested without any return.) Maximum Amount to be raised (if any) Dividend Policy (IDCW) Allotment (Detailed procedure) Mention, the procedure for allotment and dispatch of account statements/unit certificates. Indicate the time period. Mention the number of days within which the statement shall be dispatched to the unitholders who subscribe to the units when the scheme is open for continuous subscription after NFO as per the applicable guidelines. Refund If application is rejected, full ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s The AMC shall send an allotment confirmation specifying the units allotted by way of email and/or SMS within 5 working days of receipt of valid application/transaction to the Unit holders registered e-mail address and/ or mobile number (whether units are held in demat mode or in account statement form). A Consolidated Account Statement (CAS) detailing all the transactions across all mutual funds (including transaction charges paid to the distributor) and holding at the end of the month shall be sent to the Unit holders in whose folio(s) transaction(s) have taken place during the month by mail or email on or before 15th of the succeeding month. Half-yearly CAS shall be issued at the end of every six months (i.e. September/ March) on or before 21st day of succeeding month, to all investors providing the prescribed details across all schemes of mutual funds and securities held in dematerialized form across demat accounts, if applicable For further details, refer SAI. Dividend/ IDCW The payment of dividend/IDCW to the unitholders shall be made within seven working days from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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