The Securities and Exchange Board of India (SEBI) on Friday issued separate investor charters stating rights and responsibilities for investors in mutual funds, portfolio management services (PMS) providers and alternative investment funds (AIFs).
MFs and PMS managers should display the investor charter and investor grievance data on their websites, including complaints made on SEBI’s SCORES grievance redressal system, while AIFs must disclose the same in the private placement memorandum of their schemes.
The charter of MF investors includes rights to receive timely redemption proceeds; To be informed about changes in the basic features of the schemes; and timely disclosure of daily net asset values, portfolio and performance of each scheme, including assets under management, investment objective and expense ratio.
His responsibilities include reading the documents related to the scheme; Providing updated KYC details; and not signing blank checks or blank signed transaction instructions.
The previous SEBI circular required MFs to update complaint data within two months of the end of each financial year. The new circular mandates this disclosure within seven days of the end of each month. The same deadline has been set for PMS managers. AIF has to compile this data within seven days from the end of each quarter.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,