Updated: May 18
The Securities and Exchange Board of India (“SEBI”) vide its Circular SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016, mandated Mutual Funds (“MF”) to submit the soft copy of the final Scheme Information Documents (“SIDs”) along with a physical copy seven working days prior to the launch of the scheme.
As part of its go-green initiative, SEBI has partially modified the aforementioned circular and made it mandatory for MFs to file the final offer document, i.e., SID and Key Information Memorandum, only digitally via email id email@example.com, and the requirement of physical filing has been done away.
Further, based on discussions with the Association of Mutual Funds in India, the final offer document is to be submitted in digital form at least two working days prior to the launch of the scheme.
In order to safeguard the interests of investors, all new fund offers will remain open for subscription for a minimum period of three working days.
The circular shall be effective from May 1, 2023.