The Securities and Alternate Board of India (Sebi) on Friday launched separate investor charters for mutual funds, portfolio administration providers (PMS) suppliers and various funding funds (AIFs), assigning rights and duties for buyers.
MFs and PMS managers should show investor charters and investor criticism knowledge on their web sites, together with complaints made on Sebi’s SCORES criticism redressal system, whereas AIFs should disclose the identical within the personal placement memorandums of their schemes.
The constitution for MF buyers consists of rights to obtain redemption proceeds in a well timed method; learn about adjustments within the elementary attributes of schemes; and well timed disclosure of every day web asset values, portfolio and efficiency of every scheme, together with belongings below administration, funding goal and expense ratios.
Their duties embody studying scheme-related paperwork; offering up to date KYC particulars; and never signing clean cheques or clean signed transaction directions.
A earlier Sebi round required MFs to replace criticism knowledge inside two months of the shut of every monetary 12 months. The brand new round mandates this disclosure inside seven days of the shut of every month. The identical timeline has been prescribed for PMS managers too. AIFs should compile this knowledge inside seven days from the shut of every quarter.
Supply: Live Mint