TaxTMI 
TaxTMI 
Circular for Mutual Funds
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....ge and commission paid to associates/related parties/group companies of sponsor/Asset Management Company in the unaudited half yearly financial results, the abridged scheme wise annual report and the SAI, these disclosures shall henceforth be made in the format as prescribed in Annexure A. 2. Additional mode of payment through Applications Supported by Blocked Amount (hereinafter referred to as "ASBA") in Mutual Funds and Reduction in New Fund offer (NFO) period i. In its continuous endeavor to make the public issue process efficient, SEBI had introduced ASBA facility which investors have been enjoying for subscription to public issue of equity capital of companies. It has been decided to extend ASBA facility to the investors su....
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....period of 30 days in case of Open ended schemes and 45 days of close ended scheme shall be reduced to 15 days (except ELSS schemes). Mutual Funds/ AMCs shall use the NFO proceeds only on or after the closure of the NFO period. The mutual fund should allot units/ refund of money and dispatch statements of accounts within five business days from the closure of the NFO and all the schemes (except ELSS) shall be available for ongoing repurchase/sale/ trading within five business days of allotment" iii. Applicability: The Mutual Funds/AMCs have to compulsorily provide ASBA facility to the investors for all NFOs launched on or after July 01, 2010. The provisions mentioned at paragraph 2(ii) regarding reduction in NFO period shall also be....
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....fter adjusting the amount debited to reserves as per para 2(a) (ix) of Eleventh Schedule of SEBI (Mutual Funds) Regulations. 4. Role of Mutual Funds in Corporate Governance of Public Listed Companies i. The issue of the role of Mutual Funds in Corporate Governance of listed companies was considered by the Mutual Fund Advisory Committee. It was felt that mutual funds should play an active role in ensuring better corporate governance of listed companies. ii. It has been decided that henceforth, AMCs shall disclose their general policies and procedures for exercising the voting rights in respect of shares held by them on the website of the respective AMC as well as in the annual report distributed to the unit holders from ....
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....ed that AMC shall not collect any additional management fees referred to in Regulation 52(3) of SEBI Mutual Funds Regulation, 1996. Necessary amendments to Regulation 52 will be notified in due course. ii. Mutual Fund Schemes to be launched including those for which observation letter have been issued under Regulation 29 of SEBI (Mutual Funds) Regulations, 1996 would be required to carry out the changes in Scheme Information Document and file the same with SEBI before the launch. iii. The provisions of SEBI (Mutual Fund) Regulations, 1996 in this regard would be suitably amended in due course 6. Fund of Funds Scheme i. It has been observed from the disclosures in the scheme information documents (SID) that Asse....
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.... Commission paid to associates/related parties/group companies of sponsor/AMC Name of associate /related parties/ group companies of Sponsor/ AMC Nature of Association/ Nature of Relation Period covered * Business given (Rs. Cr. & % of total business received by the fund) Commission paid ( Rs & % of total commission paid by the fund) * The period covered shall be as following: • SAI - Past three financial years including the current year • Half Yearly Unaudited ....