Sponsored
    Follow Us:
Sponsored

Securities and Exchange Board of India

CIRCULAR No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/698 | Dated: December 22, 2021

To,
All Mutual Funds/
Asset Management Companies (AMCs)/
Trustee Companies/Boards of Trustees of Mutual Funds/
Association of Mutual Funds in India (AMFI)

Sir/ Madam,

Subject: Restoration of relaxed timelines w.r.t. validity of observation letter pertaining to Mutual Funds

1. SEBI, vide circular SEBI/HO/IMD/DF3/CIR/P/2 dated March 23, 2020, extended the validity period of observation letter issued by SEBI for launch of all New Fund Offers (NFOs) from six months to one year from the date of SEBI letter.

2. Based on consultation with stakeholders, it has been decided to restore the validity period of observation letter issued by SEBI to six months to launch NFOs as specified in SEBI circular SEBI/IMD/CIR No.5/126096/08 dated May 23, 2008.

3. However, for all schemes (NFOs) where SEBI has already issued observation letter and NFOs are yet to be launched, the schemes shall be launched within one year from the date of SEBI observation letter.

4. This circular shall come into force with immediate effect.

SEBI restores validity period of observation letter issued by SEBI to 6 months to launch NFOs

5. This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulation, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully,

Bithin Mahanta
General Manager
Tel no.: 022-26449634
Email: bithinm@sebi.gov.in

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031