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<h1>SEBI Issues Master Circular for Mutual Funds: Updates on Offer Documents, Risk Management, and Investment Restrictions.</h1> The Securities and Exchange Board of India (SEBI) issued a Master Circular on July 10, 2018, to consolidate all existing circulars related to the regulation of mutual funds. This circular supersedes the previous one from September 14, 2016, and includes updates up to June 5, 2018. It outlines the requirements for offer documents, risk management, and investment restrictions, among other areas. The circular mandates asset management companies (AMCs) to ensure compliance with regulations, including disclosures, governance norms, and investor rights. It also addresses the categorization and rationalization of mutual fund schemes, aiming to standardize practices across the industry.