9911796707
TMI BlogSimplification of Offer Document and Key Information Memorandum of Mutual Funds SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... ormation (Key Information Memorandum/KIM) of Mutual Fund schemes is prescribed in the circular dated July 28, 2004. 2. AMFI had set up a committee to examine the ways of simplification of OD and KIM to make it more reader friendly. The committee recommended that the existing OD may be split into two parts i.e. Statement of Additional Information (SAI) and Scheme Information Document (SID). SAI shall incorporate all statutory information on Mutual Fund. 3. The formats of Standard OD and KIM specified through circulars dated March 31, 1998 and July 28, 2004 respectively stand revised. Henceforth, Mutual Funds shall prepare SID, SAI and KIM in the simplified format enclosed with the circular. Contents of SID,SAI, and KIM shall follow the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in this regard shall be given in the half yearly trustee report. 5. Updation of SID and KIM - Henceforth, clause 1 of circular dated February 9, 2001 pertaining to 'Updating the offer document on a continuous basis' shall not be applicable. The procedure for updation of SID and KIM shall be as follows: i. For the schemes launched in the first half of a financial year, the SID shall be updated within 3 months from the end of the financial year. However, for the schemes launched in the second half of a financial year, SID shall be updated within 3 months of the end of the subsequent financial year. (For example, for a fund launched in May, 2008 the SID shall be updated by June 30, 2009 and for a fund launched in December 2008, the SID s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be required to prepare SAI and upload the same on their website and on AMFI website. The printed copy of the same shall be made available to the investor on request. SAI shall be updated within 3 months from end of financial year and filed with SEBI. ii. Any material changes in the SAI shall be made on an ongoing basis by way of updation on the Mutual Fund and AMFI website. SEBI shall be intimated of the changes made in the SAI within 7 days. The effective date for such changes shall be mentioned in the updated SAI. 7. Other requirements i. Application forms for schemes of mutual funds for which the offer documents are filed with SEBI shall be accompanied by the KIM in terms of Regulation 29 (4). KIM shall be printed at least in 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lapse of six-month period, the mutual funds shall be required to file fresh SID alongwith filing fees. 8. Standard Observations - In order to ensure minimum level of disclosures in the SID and SAI, the revised and updated format of Standard Observations as on date of issuance of this circular are enclosed. SEBI may revise the Standard Observations from time to time and in that case the date of revision shall also be mentioned. While filing the SID and SAI, AMC shall highlight and clearly mention the page number of the SAI and SID on which each standard observation has been incorporated. 9. Easy Availability of Offer Document - It has been observed that the ODs are not readily available with all distributors/ISCs of Mutual Funds and invest ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
