mfdata@sebi.gov.in<\/a>).<\/p>\n\n\n\nFurthermore, Paragraph 4 of the SEBI Circular No. MFD\/ CIR\/ 9\/ 120\/ 2000 issued on 24.11.2000, has been modified as under:<\/strong><\/p>\n\n\n\nThe\nannual report comprising of the accounts of the Asset Management Company will\nbe displayed on the portals of the mutual funds soon after the approval in AGMs\n(Annual General Meetings) within a time period of four months, starting from\nthe date of ending of the financial year. Also, it should be specified in the\nannual reports of mutual fund schemes that the unit holders, if they so want,\nmay request for the \u201cannual\nreport\u201d of the Asset Management Company. Also, AMCs need to display their annual\nreport on their official websites in the machine readable format.<\/p>\n\n\n\n
<\/span>Filing of AIR (Annual Information Return) by Mutual Funds<\/span><\/h3>\n\n\n\nPursuant to the issuance of CBDT guidelines and several circulars, the provisions of the SEBI Circular No. IMD\/ CIR No.8\/ 73580\/ 06 issued on 04.04.2006 on the Filing of Annual Information Return (AIR) by Mutual Funds stands deleted.<\/p>\n\n\n\n
However, it shall be noted that mutual funds will continue to adhere to the following:<\/strong><\/p>\n\n\n\nMutual funds need to submit the AIR\n(Annual Information Return) under the provisions of section 285 BA of the\nIncome Tax Act 1961 and several guidelines and directions notified by the CBDT\n(Central Board of Direct Taxes). \nFurther, as per this prerequisite, Trustees of Mutual Funds or any such\nother person managing the operations and affairs of the Mutual Funds need to\nreport the mentioned financial transactions by way of electronic medium to the Income\nTax Department. The same can be done by giving PAN (Permanent Account Number) of\nthe transacting parties in an AIR.<\/p>\n\n\n\n
<\/span>Advertisement<\/span><\/h3>\n\n\n\nThe modification in the Mutual Fund\nRegulations concerning Advertisement can be summarised as:<\/p>\n\n\n\n
<\/span>Partial Modification to the SEBI Circular No. Cir\/IMD\/DF\/6\/2012, issued on 28.02.2012<\/span><\/h4>\n\n\n\n- The first point of para C (2) must be read as under:<\/li><\/ul>\n\n\n\n
- While advertising the payout of dividends, all the advertisements need to disclose the dividends proposed or paid in rupees per unit, together with the face-value of each unit of that mutual fund scheme and the prevalent NAV (Net Asset Value) at the time of announcement of the dividend. Further, it shall be noted that for the payout of dividends at the maturity of closed-ended scheme or at the completion of the interval period of the interval scheme, AMC (Asset Management Company) will need to advertise that the whole distributable surplus at the time of completion of the interval period or at the time of maturity will be distributed.\u201d<\/li><\/ol>\n\n\n\n
- The second Point of the paragraph C (2) stands deleted;<\/li>
- The fourth point of the paragraph C(2) shall be read as under:<\/li><\/ul>\n\n\n\n
- In the case of the Overnight Funds, Money Market Funds, and Liquid Funds, the investors have a very short investment horizon, and the performance can be advertised just by a simple annualisation of yields if the performance figure is accessible for at least 7 days, 15 days, and 30 days, provided that it does not showcase a misleading or an unrealistic picture of the performance or the future performance of the scheme.<\/li><\/ol>\n\n\n\n
<\/span>Partial Modification to the SEBI Circular No. Cir\/IMD\/DF\/ 23\/ 2017, issued on 15.03.2017<\/span><\/h4>\n\n\n\n- The portion as follows of the paragraph A(4) (a) stands deleted:<\/li><\/ul>\n\n\n\n
- When a mutual fund scheme has been in presence for more than one year but less than the period of three years or five years, then, in that case, the same will be specified as a footnote in the advertisement of the scheme.<\/li><\/ol>\n\n\n\n
- Paragraph A (4) (b) must be read as under:<\/strong><\/li><\/ul>\n\n\n\n
- Where the mutual fund scheme has been in continuation for less than six months, then, in that case, past performance will not be provided. Further, it shall be noted that if a scheme remains in existence for more than a period of six months, but less than one year, then, in that case, a simple annualized growth rate of the said scheme for the past 6 months, starting from the last day of the month but preceding the date of advertisement will be provided.<\/li><\/ol>\n\n\n\n
<\/span>Partial Modification to the SEBI Circular No. Cir\/IMD\/DF\/\n13\/ 2011, issued on 22.08.2011<\/span><\/h4>\n\n\n\n\n S. No.<\/strong>\n <\/td>\n Category of Mutual Fund Schemes<\/strong>\n <\/td>\n Additional Benchmark<\/strong>\n <\/td><\/tr>| \n 1.\n <\/td> | \n All Equity Schemes;\n <\/td> | \n Sensex or Nifty\n <\/td><\/tr> | | \n 2.\n <\/td> | \n All Debt Schemes having a\n duration or maturity upto 1 year and Arbitrage Funds;\n <\/td> | \n 1 year Treasury Bill\n <\/td><\/tr> | | \n 3.\n <\/td> | \n All the remaining Debt Schemes\n which are not covered under Point 2;\n <\/td> | \n 10 year dated Government of India\n Security\n <\/td><\/tr> | | \n 4.\n <\/td> | \n Conservative Hybrid Fund;\n <\/td> | \n 10 year dated Government of India\n Security\n <\/td><\/tr> | | \n 5.\n <\/td> | \n Balanced Hybrid Fund or\n Aggressive Hybrid Fund or Dynamic Asset
\n Allocation or Balanced Advantage or Multi Asset Allocation;\n <\/td> | \n Sensex or Nifty\n <\/td><\/tr> | | \n 6.\n <\/td> | \n Equity Savings;\n <\/td> | \n 10 year dated Government of\n India Security\n <\/td><\/tr> | | \n 7.\n <\/td> | \n Retirement Fund or Children\u2019s\n Fund;\n <\/td> | \n Sensex or Nifty\n <\/td><\/tr> | | \n 8.\n <\/td> | \n Index Funds \/ Exchange Traded Funds\n and Funds of Funds (Overseas or Domestic);\n <\/td> | \n Appropriate benchmark on the\n basis of the underlying asset allocation as per above.\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n<\/span>Disclosure\nof Performance of the Mutual Fund Schemes<\/strong><\/span><\/h2>\n\n\n\nSEBI, by way of various\ncirculars under Mutual Fund Regulations, has specified to disclose the performance\nof the mutual fund schemes since inception. Also, it shall be noted that in\nthis regard, it is clarified that such a disclosure of performance will be made\nsince the date of units\u2019 allotment in the scheme.<\/p>\n\n\n\n <\/span>Undertaking\nfrom Trustees for the New Scheme Offer Document<\/strong><\/span><\/h2>\n\n\n\nIn partial modification to the SEBI\nCircular No SEBI\/ IMD\/ CIR No. 5\/ 70559\/ 06 issued on 30.06.2006, it has been\ndecided that the certification from the trustees will also not be applicable to\nthe Interval Schemes apart from the Fixed Maturity Plans and the Close Ended\nSchemes.<\/p>\n\n\n\n <\/span>Key\nPersonnel of the Asset Management Company<\/strong><\/span><\/h2>\n\n\n\nFor the reason of\napplicability of the Mutual Fund Regulations and various general circulars\nissued thereunder, the word \u201cKey Personnel\u201d has been defined as under:<\/p>\n\n\n\n | | | |