CIRCULAR
SEBI/HO/IMD/IMD-RAC-1/P/CIR/2024/179 December 20, 2024
To
All Mutual Funds
All Asset Management Companies (AMCs)
All Trustee Companies/ Boards of Trustees of Mutual Funds
Association of Mutual Funds in India (AMFI)
Dear Sir/Madam,
Subject: Upload of Draft Scheme Information Documents
1. Clause 1.1.3.1 of Master Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90
dated June 27, 2024 for Mutual Funds (‘Master Circular’) read with Circular No.
IIMARP/MF/CIR/06/793/98 dated March 31, 1998 inter alia, requires Asset
Management Companies (AMCs) to submit soft copy of the Draft Scheme
Information Documents with SEBI to be made available on SEBI’s website for 21
working days from the date of filing for receiving the public comment on the
adequacy of disclosures made in the document.
2. Since the issuance of the above requirement, over the years the structure and
content of SIDs has been standardized vide SEBI Circulars SEBI/IMD/CIR No.
5/126096/08 dated May 23 2008, SEBI/HO/IMD/DF3/CIR/P/2017/114 dated
October 06, 2017 and SEBI/HO/IMD/DF3/CIR/P/2017/126 dated December 04,
2017.
3. Further, the SID format was revised vide Circular SEBI/HO/IMD/IMD-RAC-
2/P/CIR/2023/000175 dated November 01 2023, in order to streamline the
dissemination of relevant information to investors, rationalizing the preparation of
Scheme Information Document (SID) and facilitating its periodic updation.
4. The requirement of uploading SID for 21 working days on SEBI website was
therefore reviewed.
5. Based on review and public consultation, henceforth, SID on which observations
are issued by SEBI shall be uploaded on the SEBI website for at least 8 working
days for receiving public comments on the adequacy of disclosures made in the
document. Thereafter, AMC may file final offer documents (SID and KIM) in line
with the provisions of clause 1.1.3.3 of SEBI Master Circular on Mutual Funds dated
June 27, 2024.
Page 1 of 2
6. Accordingly, the following has been decided:
6.1. Clause 1.1.3.1.a. of the Master Circular on Mutual Funds dated June 27,2024,
stands modified as under:
“Draft SID on which SEBI observation letter has been issued shall be made
available on SEBI’s website – http:// www.sebi.gov.in for at least 8 working days
for receiving public comments on the adequacy of disclosures made in the
document after which AMC may launch the scheme and file final offer
documents (SID and KIM) in line with the provisions of clause 1.1.3.3 of SEBI
Master Circular on Mutual Funds dated June 27, 2024.
Validity of SEBI observation on SID will be in accordance with clause 1.3 of
Master Circular on Mutual Funds dated June 27, 2024.”
6.2. Clause 1.1.3.1. (c) and 1.1.3.1.(d) of the Master Circular on Mutual Funds dated
June 27, 2024 stand deleted.
7. The provisions of this circular shall come into force with immediate effect.
8. The circular is issued in exercise of powers conferred under Section 11(1) of
Securities and Exchange Board of India Act, 1992, read with the provisions of
Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interest of
investors in securities and to promote the development of, and to regulate the
Securities Market.
Yours faithfully,
Anupma Chadha
General Manager
Investment Management Department
Tel: 022 - 26449319
Email: anupmac@sebi.gov.in
Page 2 of 2