Security Exchange Board of India (SEBI) Latest Master Circular for Mutual Funds dated 01-10-2014
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Securities and Exchange Board of India (SEBI) has, vide circular no. CIR/IMD/DF/18/2014 dated October 1, 2014, released the Master Circular for Mutual Funds. This shall supersede the previous Master Circular SEBI/IMD/DF/14/2013 dated September 11, 2013. According to SEBI, the Master Circular has been prepared to enable the industry and other users to have an access to all the applicable circulars at one place.
Further, it has been specified that;
1. The Master Circular includes circulars issued upto September 30, 2014.
2. In case of any inconsistency between the master circular and the applicable circulars, the contents of the relevant circular shall prevail.
3. Master Circular is a compilation of all the existing/applicable circulars issued by Investment Management Department of SEBI to Mutual Funds. Efforts have been made to incorporate certain applicable provisions of existing circulars (as on date) issued by other Departments/Divisions of SEBI relevant to Mutual Funds.
The whole master circular runs into 194 pages with 17 chapters as under:
|
Chapter-1 |
Offer document for schemes |
|
Chapter-2 |
Conversion and consolidation of schemes and launch of Additional plan |
|
Chapter-3 |
New products |
|
Chapter-4 |
Risk management system |
|
Chapter-5 |
Disclosures & reporting norms |
|
Chapter-6 |
Governance norms |
|
Chapter-7 |
Secondary market issues |
|
Chapter-8 |
Net asset value |
|
Chapter-9 |
Valuation |
|
Chapter-10 |
Loads, fees and expenses |
|
Chapter-11 |
Dividend distribution procedure |
|
Chapter-12 |
Investment by schemes |
|
Chapter-13 |
Advertisements |
|
Chapter-14 |
Investor rights & obligations |
|
Chapter-15 |
Certification and registration of intermediaries |
|
Chapter-16 |
Transaction in mutual funds units |
|
Chapter-17 |
Miscellaneous |
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