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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Ease of doing business- Fund manager for Mutual fund schemes investing in commodities and overseas securities

30-Apr-2024 | SEBI/HO/IMD/IMD-PoD-2/P/CIR/2024/30

SEBI has issued a circular on Ease of doing business- Fund manager for Mutual fund schemes investing in commodities and overseas securities.

By virtue of the circular, partial modification is done to Clause 3.3.11 and Clause 12.19.3.1 of Master Circular for Mutual Funds dated May 19, 2023.

As per the revised provision, appointment of a dedicated fund manager shall be optional for commodity based funds such as Gold ETFs, Silver ETFs and other funds and for overseas investment. However, in both the cases, the person appointed as fund manager of such funds should have adequate expertise and experience to manage investments. The Board of the AMCs shall be responsible for ensuring compliance and reporting regarding the same to trustees, on a periodic basis.

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