CIRCULAR, CIR /
IMD / DF / 7 / 2013, dated April 23, 2013
All Mutual
Funds/Asset Management Companies
Trustee
Companies/Boards of Trustees of Mutual Funds
Amendments
to SEBI (Mutual Funds) Regulations, 1996
1.
Please find enclosed a copy of the gazette Notification No. LAD-NRO/GN/2013-14/03/5652 dated
April 16, 2013, pertaining to the Securities and Exchange Board of India
(Mutual Funds) (Amendment) Regulations, 2013 for your information and
implementation.
Placement
Memorandum
2.
Private Placement to less than 50 investors has been permitted as an
alternative to New Fund Offer to the public, in case of Infrastructure Debt
Funds (IDF). In case of private placement, the mutual funds would have to file
a Placement Memorandum with SEBI instead of a Scheme Information Document and a
Key Information Memorandum.
However,
all the other conditions applicable to IDFs offered through the NFO route like
kind of investments, investment restrictions, etc. would be applicable to IDFs
offered through private placement.
3.
In terms of regulation 49-OA of the SEBI (Mutual Funds) Regulations, 1996, the
Placement Memorandum shall be filed with SEBI as per the format prescribed at
Annexure.
4.
The Asset Management Companies shall ensure that the Placement Memorandum is uploaded
on their respective websites after allotment of units, and on the website of
such recognized Stock Exchange, where it is proposed to be listed, at the time
of listing of the scheme.
FIIs
which are long term investors
5.
The universe of strategic investors in the IDF has been expanded to include, inter
alia, FIIs registered with SEBI which are long term investors subject to
their existing investment
limits. With reference to regulation 49L of the SEBI (Mutual Funds)
Regulations, 1996 the following categories of FIIs are designated as long term
investors only for the purpose of IDF:
a. Foreign
Central Banks
b. Governmental
Agencies
c. Sovereign
Wealth Funds
d.
International/Multilateral Organizations/ Agencies
e. Insurance
Funds
f. Pension Funds
Investments by
the IDF scheme
6. With
reference to regulation 49P (1) of the SEBI (Mutual Funds) Regulations, 1996,
it may be noted that the investments in bank loans shall be made only through
the securitization mode.
This circular is
issued in exercise of powers conferred under section 11(1) of the Securities and
Exchange Board of India Act, 1992, read with the provisions of regulation 77 of
the SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors
in securities and to promote the development of and to regulate the securities
market.
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