In order to make offer documents (ODs) and Key Information Memorandum (KIM) more reader friendly, Securities And Exchange Board of India (SEBI) has given its nod to mutual fund houses to simplify it. A committee set up by the Association of Mutual Funds in India (AMFI) had recommended that the existing offer documents may be split into two parts namely Statement of Additional Information (SAI), which will incorporate all statutory information on mutual funds, and Scheme Information Document (SID).
All mutual fund scheme ODs filed with SEBI on or after 1 June 2008 will have to be prepared in the new set-up. Fund houses, which have already filed their ODs for which SEBI has not yet suggested changes, may be required to modify the same in the format of SID and SAI after receiving the final observations. However, the schemes, which have already received final observations from SEBI, can use the old OD format provided they are launched on or before 31 July 2008. But, in this case SID has to be adopted. SEBI has asked fund houses to file a single SAI (common for all the schemes) as a one-time filing. The SAI shall be filed along with the first draft SID for any scheme filed on or after 1 June 2008.
All mutual fund scheme ODs filed with SEBI on or after 1 June 2008 will have to be prepared in the new set-up. Fund houses, which have already filed their ODs for which SEBI has not yet suggested changes, may be required to modify the same in the format of SID and SAI after receiving the final observations. However, the schemes, which have already received final observations from SEBI, can use the old OD format provided they are launched on or before 31 July 2008. But, in this case SID has to be adopted. SEBI has asked fund houses to file a single SAI (common for all the schemes) as a one-time filing. The SAI shall be filed along with the first draft SID for any scheme filed on or after 1 June 2008.
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