SEBI Timelines related to processing of scheme related applications filed by AMCs

Last updated: 24 July 2021

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The Securities and Exchange Board of India (SEBI) has introduced new timelines to streamline the processing of scheme-related applications submitted by Asset Management Companies (AMCs). Effective September 1, 2021, SEBI will consider applications for changes to fundamental attributes, scheme mergers, rollovers, and conversions as approved if no queries or modifications are raised within 21 working days. This aims to improve the ease of doing business for AMCs.

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/603 July 23, 2021 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: Timelines related to processing of scheme related applications filed by AMCs In order to promote ease of doing business and bring uniformity in the timelines for processing of scheme related applic

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FAQ :

The circular aims to promote ease of doing business and introduce uniform timelines for processing scheme-related applications filed by AMCs.

The timeline applies to applications for changes in fundamental attributes of a scheme, merger/consolidation of schemes, rollover of close-ended schemes, and conversion of close-ended to open-ended schemes.

The circular is applicable to all applications received on or after September 01, 2021.

Yes, the timelines may not be adhered to if the application requires a policy decision, involves a unique situation needing wider consultation, or if the application is incomplete or non-compliant.

If SEBI raises modifications or queries within the 21 working days, the application is not deemed to be taken on record or approved.

Notification No : SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/603
Source : https://www.sebi.gov.in/legal/circulars/jul-2021/circular-on-timelines-related-to-processing-of-scheme-related-applications-filed-by-amcs_51326.html

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