Summary: The Securities and Exchange Board of India (SEBI) has notified the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2026, through Notification No. SEBI/LAD-NRO/GN/2026/324 dated 8 October 2026. The amendment modifies the SEBI (Mutual Funds) Regulations, 2026 to bring mutual fund advertisements within the unified Common Advertisement Code established under Chapter IIID of the SEBI (Intermediaries) Regulations, 2008. The amendments will come into force on the 180th day from publication in the Official Gazette. This change aligns mutual funds and asset management companies with the common advertising framework applicable to other categories of SEBI-regulated entities.
The amendment introduces three specific changes. First, Regulation 28 under Chapter V, which deals with advertisement material, is amended to replace the reference to the Fifth Schedule with a reference to Chapter IIID of the SEBI (Intermediaries) Regulations, 2008. Second, Regulation 81(l) under Chapter XVI is similarly amended to refer to the Common Advertisement Code. Third, the Fifth Schedule of the Mutual Funds Regulations, 2026, which previously contained the advertisement code, is omitted. These changes remove the separate schedule-based advertisement framework from the Mutual Funds Regulations and establish a common regulatory reference for advertisements.
The Common Advertisement Code contains provisions governing promotional communications, mandatory disclosures, disclaimers, celebrity endorsements, prohibited advertisements, ratings and rankings, and regulatory enforcement. The framework also addresses misleading claims, guaranteed returns, promotional incentives and dark patterns. SEBI had earlier released a consultation paper proposing a common advertisement code and subsequently outlined the proposed changes to mutual fund advertising provisions in its Board memorandum. The present notification gives effect to the consequential amendments concerning mutual funds.
The amendment does not independently reproduce the detailed advertisement requirements. Instead, it incorporates them through references to Chapter IIID of the Intermediaries Regulations, 2008. Consequently, mutual funds and asset management companies will need to follow the common framework from the commencement date, subject to applicable SEBI directions. The notification records that the principal Mutual Funds Regulations, 2026, were published on 15 January 2026 through Notification No. SEBI/LAD-NRO/GN/2026/294 and were last amended on 7 July 2026 through Notification No. SEBI/LAD-NRO/GN/2026/307.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8th October, 2026
Securities And Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2026
F. No. SEBI/LAD-NRO/GN/2026/324.— In exercise of the powers conferred by section 30 read with section 11(2)(c) of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 2026, namely—
1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2026.
2. They shall come into force on the one hundred eightieth day from the date of publication of these regulations in the Official Gazette.
3. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 2026, –
(I) In Chapter V, in regulation 28, the words “in the Fifth Schedule” shall be substituted with the words “in Chapter IIID of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008”.
(II) In Chapter XVI, in regulation 81(l), the words “in Fifth Schedule” shall be substituted with the words “in Chapter IIID of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008”.
(III) Fifth Schedule shall be omitted.
AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./378/2026-27]
Note: The Securities and Exchange Board of India (Mutual Funds) Regulations, 2026, was published in the Gazette of India on January 15, 2026 vide notification No. SEBI/LAD-NRO/GN/2026/294 and was last amended on July 7, 2026 by the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2026 vide notification no. SEBI/LAD-NRO/GN/2026/307.
