Important Updates

ATTENTION - MUTUAL FUND INVESTORS

  • Mutual Fund Investors may please note that  with effect from July 1, 2020, mutual fund units issued against Purchase transactions (whether through  lump-sum investments or  SIP or STP or switch-ins or dividend reinvestment) would be subject to levy of stamp duty* @ 0.005% of the amount invested. Transfer of mutual fund units (such as transfers between demat accounts) are subject to payment of stamp duty* @ 0.015%.

    * pursuant to Notification No. S.O. 4419(E) dated December 10, 2019 issued by Department of Revenue, Ministry of Finance, Government of India, read with Part I of Chapter IV of Notification dated February 21, 2019 issued by Legislative Department, Ministry of Law and Justice, Government of India on the Finance Act, 2019,  and subsequent Notification dated March 30, 2020 issued by Department of Revenue, Ministry of Finance, Government of India.

Updated guidelines for Transmission of Units  under various scenarios along with  the standard formats of Transmission Request Forms and supporting documents

  • SEBI had, vide circular no. SEBI/HO/IMD/DF3/CIR/P/2019/166 dated December 24, 2019 directed the AMCs to  adopt a standard Transmission Request Form and common set of documents for transmission of units as prescribed by  AMFI and to make the same available on the websites of AMCs, RTAs and AMFI.

  • Pursuant to the above,  AMFI, in consultation with AMFIs Standing Committee on Operations/Compliance and Risk, has reviewed and updated the existing AMFI guidelines for Transmission of Units  including the supporting documents and has introduced the Transmission Request Forms to be used under different situations.

  • To check the  updated guidelines for Transmission of Units  under various scenarios along with  the standard formats of Transmission Request Forms and supporting documents please click here 



Further Extension of validity of NISM certificates till September 30, 2020

NISM has announced that the validity of NISM certificates of those who could not appear or attend or enroll for certification examinations or CPE programmes or eCPE programmes and as such, could not renew / are not in a position to renew their certificates, during the period March 15, 2020 to September 29, 2020 (or time period based on future developments / the Government directions), shall be extended till September 30, 2020.  

(Source: https://www.nism.ac.in/index.php?option=com_content&view=article&layout=edit&id=1571

 Accordingly, the validity of ARN & EUIN which are expiring during the period March 15, 2020 to September 29, 2020, will also stand automatically extended till September 30, 2020, since the validity of ARN & EUIN are co-terminus with NISM Certification.  

Further Extension of Revised Cut-Off Timings

SEBI has decided to extend the reduced cut-off timing for both subscription and redemption in mutual fund schemes till further notice, in light of RBI Press Release dated April 30, 2020 on extension of time line for amended trading hours of various RBI regulated markets.

The reduced cut-off timings for mutual fund transactions are as follows:

In case of subscription
- For Liquid and Overnight Funds – 12:30 p.m.
- For other than Liquid and Overnight Funds – 01:00 p.m.
In case of Redemption
- For Liquid and Overnight Funds – 01:00 p.m.
- For other than Liquid and Overnight Funds – 01:00 p.m

All other provisions of various SEBI Mutual Funds Regulations w.r.t. applicability of NAV in respect of subscriptions and redemptions shall remain unchanged.

AMFi Press Release - 24th April 2020
Annual Declaration of Self Certification (DSC) by MF Distributors for the financial year ending 31st March 2020

As per AMFI guidelines, mutual fund distributors are required to submit a Declaration of Self Certification (DSC) annually, within 3 months after the end each financial year. Accordingly, the annual DSC for the financial year ended March 31, 2020 needs to be submitted to CAMS by June 30, 2020.
AMFI has enabled an online facility to upload the annual DSC for FY 2019-20 for the convenience of mutual fund distributors.
To upload the annual DSC on AMFI website, please follow the steps mentioned below
1. Download the DSC form https://www.amfiindia.com/distributor-corner
2. Take a print-out of the DSC, sign the same in blue ink and get a scanned image of the duly signed DSC, preferably as a PDF file.
3. Log on to the online module with your existing log-in & password* and click on ‘Update Profile’ button and choose the ‘Self-Declaration” icon
4. Proceed to the upload of the scanned image / PDF of the DSC.

NISM certifications which are expiring during the period, March 15, 2020 to June 29, 2020 have been extended till June 30, 2020.

Vide Press Release No.19/2020 dated March 23, 2020 regarding SEBI’s decisions to reduce compliance burden on Market Participants, SEBI has inter-alia announced that NISM certifications which are expiring during the period, March 15, 2020 to June 29, 2020 have been extended till June 30, 2020.

Accordingly, the validity of the ARN & EUIN which are expiring during the period March 15, 2020 to June 29, 2020, will also stand automatically extended till June 30, 2020, since the validity of ARN & EUIN are co-terminus with the validity of NISM Certification.

All concerned mutual fund distributors may please take note of the above.

COVID 19 Threat - Message to all Customers & Distributors

 

Mutual Fund - Saving ka Naya Tareeka