Mutual Fund investors and intermediaries may please note that, as advised by SEBI, normal cut-off timings shall be restored effective from Monday, November 9, 2020 for applicability of Net Asset Value (NAV) for both subscription and redemption transactions across for all mutual fund schemes, as mentioned in table below -
| Type of Schemes | Transaction type | Cut-off timings |
| Liquid Funds & Overnight Funds | Subscription (including Switch-in from other schemes) | 1:30 p.m. |
| Redemption (including Switch-out to other schemes) | 3:00 p.m. | |
| All other schemes (other than Liquid Funds / Overnight Funds) | Subscription (including Switch-in from other schemes) | 3:00 p.m. |
| Redemption (including Switch-out to other schemes) | 3:00 p.m. |
All other provisions w.r.t. applicability of NAV in respect ofsubscriptions and redemptions shall be in accordance with SEBI Mutual FundsRegulations read with the applicable SEBI circulars.
Issued in Public Interest
(Pursuant to Regulation 3(3) of the SEBI (Investment Advisers) Regulations, 2013)
As per Regulation 3(3) of the SEBI (Investment Advisers) Regulations, 2013 notified on July 3, 2020 –
No person, while dealing in distribution of securities, shall use the nomenclature “Independent Financial Adviser or IFA or Wealth Adviser or any other similar name” unless registered with SEBI as an Investment Adviser.
Pursuant to the above regulatory amendment, mutual fund distributors (MFDs) whose registered name has the terms such as Adviser / Advisor / Financial Adviser/ Investment Adviser/ Wealth Adviser/Wealth Manager/Wealth Managers etc. are required get their registered name changed.
Please click here for more info.
The timeline for making an application to RoC for change in name has been extended from October 15,2020 to October 31, 2020.
The extended timelines are also applicable to MFDs formed as proprietary/partnership firms etc.
Please click here for more info.
Please click here for Gazette Notification SEBI (INVESTMENT ADVISERS) (AMENDMENT) REGULATIONS, 2020.
Please click here for the guidelines and forms related to investment on behalf of minors, change of guardian and change in status on minor attaining majority.
MutualFund Investors may please note that witheffect from July 1, 2020, mutual fund units issued against Purchase transactions (whetherthrough 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. Transferof mutual fund units (such as transfers between demat accounts) are subject to payment of stampduty* @ 0.015%.
* pursuantto Notification No. S.O. 4419(E) datedDecember 10, 2019 issued by Department of Revenue, Ministry of Finance,Government of India, read with Part I of Chapter IV of Notification datedFebruary 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 ofRevenue, Ministry of Finance, Government of India.
Further Extension of validity of NISM certificates till April 01, 2021
NISM has announced on its website that the validity of NISM certificates of those who could not appear or attend or enroll for certification examinations or CPE programmes and as such, could not renew/ are not in a position to renew their certificates, during the period March 15, 2020 to March 31, 2021 (or any time period based on future developments/ the Government directions), shall be extended till April 01, 2021.
(Source: https://www.nism.ac.in/extension-of-validity-of-nism-certificates-21st-september-2020/ )
Accordingly, the validity of ARN (of individual ARN holders) & EUIN which are expiring during the period March 15, 2020 to March 31, 2021, will also stand automatically extended till April 01, 2021, since the validity of ARN (of individual ARN holders) & EUIN are co-terminus with NISM Certification.
