DEPUTY GENERAL MANAGER
INVESTMENT MANAGEMENT DEPARTMENT
SEBI/IMD/CIR No.2/122577/08
April 8, 2008
All Mutual Funds Registered with SEBI
Association of Mutual Funds in India (AMFI)
Dear Sirs,
Re: Overseas Investments by Mutual Funds
1. Please refer to clause 1 (a) of SEBI Circular SEBI/IMD/CIR No.7/104753/08
dated September 26, 2007 pertaining to overseas investments by mutual
funds.
2. In consultation with Govt. of India and RBI, it has now been decided to
enhance the aggregate ceiling for overseas investment to US$7 bn.
3. All other conditions specified in the above mentioned circular remain
unchanged.
4. These guidelines are issued in exercise of powers conferred under Section
11(1) of the Securities and Exchange Board of India Act, 1992 read with the
provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
Yours faithfully,
Ruchi Chojer
Showing posts with label Regulations MFs. Show all posts
Showing posts with label Regulations MFs. Show all posts
Wednesday, April 9, 2008
Thursday, February 28, 2008
Announcement of Risk of Mutual Funds
26 Feb 2008
With reference to clause 2 of the circular SEBI/MFD/CIR No.6/ 12357/03 dated June 26, 2003 for Advertisements through Audio-Visual media SEBi made the following observations.
The rapid fire manner in which the standard warning ?Mutual Fund investments are subject to market risks, read the offer document carefully before investing is recited in the audio visual and audio media renders it unintelligible to the viewer / listener.
In order to improve the manner in which the said message is conveyed to the investors it has been decided in consultation with AMFI that with effect from April 1, 2008:
the time for display and voice over of the standard warning be enhanced to five seconds in audio visual advertisements.
in case of audio advertisements the standard warning shall be read in an easily understandable manner over a period of five seconds.
With reference to clause 2 of the circular SEBI/MFD/CIR No.6/ 12357/03 dated June 26, 2003 for Advertisements through Audio-Visual media SEBi made the following observations.
The rapid fire manner in which the standard warning ?Mutual Fund investments are subject to market risks, read the offer document carefully before investing is recited in the audio visual and audio media renders it unintelligible to the viewer / listener.
In order to improve the manner in which the said message is conveyed to the investors it has been decided in consultation with AMFI that with effect from April 1, 2008:
the time for display and voice over of the standard warning be enhanced to five seconds in audio visual advertisements.
in case of audio advertisements the standard warning shall be read in an easily understandable manner over a period of five seconds.
Friday, February 22, 2008
Removal of Initial issue expenses of Closed Ended MFs
31 Jan 2008
Currently close-ended schemes are permitted to charge initial issue expenses and not charge entry load. In order to bring in more transparency and clarity to the investors in terms of the expenses charged to them in closed-end schemes, SEBI Board in a recent meeting decided as under:
1. Henceforth, there will not be any provision of charging initial issue expense and amortization of the same.
2. All mutual fund schemes shall now meet the sales, marketing and other such expenses connected with sales and distribution of schemes from the entry load.
This circular would be applicable to all mutual fund schemes launched after the date of the circular.
Currently close-ended schemes are permitted to charge initial issue expenses and not charge entry load. In order to bring in more transparency and clarity to the investors in terms of the expenses charged to them in closed-end schemes, SEBI Board in a recent meeting decided as under:
1. Henceforth, there will not be any provision of charging initial issue expense and amortization of the same.
2. All mutual fund schemes shall now meet the sales, marketing and other such expenses connected with sales and distribution of schemes from the entry load.
This circular would be applicable to all mutual fund schemes launched after the date of the circular.
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