Master Circular for Mutual Funds

Deputy General Manager

Investment Management Department

SEBI/IMD/MC No.2/836/2011

January 07, 2011

All Mutual Funds, Asset Management Companies (AMCs)

and Association of Mutual Funds in India (AMFI)

Dear Sir/ Madam,

Sub: Master Circular for Mutual Funds

For effective regulation of the Mutual Fund Industry, Securities & Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the industry and other users to have an access to all the applicable circulars at one place, Master Circular for Mutual Funds has been prepared.

This Master Circular is a compilation of all the circulars issued by SEBI on the above subject, which are operational as on date of this circular.

Yours faithfully,

Rakesh Bhanot

MASTER CIRCULAR FOR MUTUAL FUNDS

1. This Master Circular includes circulars issued upto December 31, 2010.

2. In case of any inconsistency between the master circular and the applicable circulars, the contents of the relevant circular shall prevail.

3. Master Circular is a compilation of all the existing/applicable circulars issued by Investment Management Department of SEBI issued to Mutual Funds. Efforts have been made to incorporate certain applicable provisions of existing circulars (as on December 31, 2010) issued by other Department/Division of SEBI relevant to Mutual Funds.