SECURITIES AND EXCHANGE BOARD OF INDIA
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224, Nariman Point, Mumbai 400 021

MFD/CIR No.2/205/01
April 27, 2001

All Mutual Funds registered with SEBI/Unit Trust of India/AMFI

Dear Sirs,

Re: Validity of Scheme Offer Documents.

This has reference to the scheme offer documents to be filed with SEBI under sub-regulation 1 of Regulation 28 of SEBI (Mutual Funds) Regulations, 1996.

It has been observed that in some of the cases the mutual funds have not launched the schemes for a considerable time period after we have communicated the final observations in accordance with sub-regulation 2 of Regulation 29 of the SEBI (Mutual Funds) Regulations, 1996. In this regard, it is now clarified that all the schemes shall be launched within six months from the date of the letter containing observations from SEBI. If the AMC intends to launch the scheme at a date later than six months, a fresh offer document under sub-regulation 1 of Regulation 28 alongwith filing fees shall be filed with SEBI.

Further, it is clarified that the mutual funds must file their replies to the preliminary observations of SEBI on draft offer documents, if any, within six months from the date of the letter. In case of lapse of six-month period, the mutual funds shall be required to file fresh offer documents alongwith filing fees.

The above procedure shall apply to all the schemes for which preliminary/final observations have been communicated to the mutual funds.

These clarifications are being issued in accordance with Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.

Yours faithfully,
P.K. Nagpal
GENERAL MANAGER
MUTUAL FUNDS DEPARTMENT

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