The Securities and Exchange Board of India (SEBI), through Master Circular dated March 20, 2026, has consolidated and updated all regulatory instructions governing mutual funds in line with the SEBI (Mutual Funds) Regulations, 2026, effective April 1, 2026. The circular integrates previous guidelines issued up to March 20, 2026, replacing the earlier Master Circular dated June 27, 2024, and rescinding specified prior circulars to streamline compliance and improve readability. It ensures that all stakeholders—including mutual funds, asset management companies, trustees, RTAs, and market intermediaries—have a single, comprehensive reference for regulatory requirements. Importantly, actions taken under rescinded circulars, including approvals, investigations, and proceedings, remain valid and are deemed to continue under the new framework. Pending applications are also preserved. The circular mandates ongoing compliance and periodic reporting obligations. Issued under SEBI’s statutory powers, the framework aims to enhance regulatory clarity, investor protection, and efficient functioning of the mutual fund industry.
Securities and Exchange Board of India
HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026 |March 20, 2026
To,
All Mutual Funds (‘MFs’)
Asset Management Companies (‘AMCs’)
Trustee Companies of Mutual Funds
Registrar to an Issue and Share Transfer Agents (‘RTAs’)
Association of Mutual Funds in India (AMFI)
All Recognized Stock Exchanges & Clearing Corporations
All Stock Brokers
All Depositories
All Custodians
Dear Sir/ Madam,
Subject: Master Circular for Mutual Funds
1. The SEBI (Mutual Funds) Regulations, 2026 has been notified and the same shall come into force with effect from April 01, 2026.
2. For effective regulation of Mutual Fund Industry, the Securities and Exchange Board of India (“Board”) has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable regulatory requirements at one place, the provisions of the said circulars issued till March 31, 2024 were incorporated in the Master Circular for Mutual Funds dated June 27, 2024. Subsequently, various guidelines/directions were issued to Mutual Funds by way of circulars/letters.
3. In order to enhance readability and aid in ease of compliance, the Master Circular for Mutual Funds has been updated, in line with the SEBI (Mutual Funds) Regulations, 2026 and includes all relevant circulars issued to Mutual Funds till March 20, 2026.
4. Vide Master Circular for Mutual Funds dated June 27, 2024, the guidelines/directions contained in the circulars listed out in the Appendix to that Master Circular were rescinded. In addition, with the issuance of this Master Circular, the guidelines/directions contained in the circulars listed out at Sr. Nos. 1 to 34 in the Appendix to this Master Circular, to the extent they relate to the Mutual Funds industry, shall stand rescinded.
5. With respect to the directions or other guidance issued by the Board, as specifically applicable to Mutual Funds, the same shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the relevant Regulations.
6. Notwithstanding such rescission,
6.1. anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
6.2. any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
6.3. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded;
7. Pursuant to issuance of this Master Circular, the entities which are required to ensure compliance with various provisions shall submit necessary reports as envisaged in this Master Circular on a periodic/ continuous basis.
8. This Master Circular shall come into force with effect from April 01, 2026. This Master Circular for Mutual Funds shall replace the Master Circular for Mutual Funds dated June 27, 2024.
9. This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
10. This Master Circular is available on the SEBI website at https://www.sebi.gov.in/ under the category “Legal -> Master Circulars”.
Yours faithfully,
Peter Mardi
Deputy General Manager
Investment Management Department
Tel: 022 – 26449233
Email:peterm@sebi.gov.in
