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Sebi allows mutual funds to offer instant access facility in overnight funds

Modifying a 2017 circular, the Securities and Exchange Board of India (Sebi) today allowed mutual fund houses to offer instant access facility in overnight funds. This is in addition to liquid funds which were earlier made eligible for this facility. The new rule is applicable with immediate effect.

Instant Access facility is an option available to investors who opt for the facilities to get access to their funds within a few hours or even minutes of giving the redemption request. Investors can withdraw up to 90% of the value of their units, subject to a cap of ₹50,000 for the instant access facility. Ordinarily redemption proceeds from debt funds, including liquid funds are credited to the investor’s bank account in 1-2 working days. Overnight funds were a category created by Sebi in October 2017. They are permitted to invest in debt securities maturing within one day and this makes them highly liquid and relatively low risk in nature.

Separately from 1st December 2021, Sebi will allow unclaimed money and dividends to be invested in separately created plans of overnight, liquid and money market schemes of mutual funds. Previously such money could be invested in call money, liquid and money market instruments. The total expense ratio that fund houses can charge for such plans will be capped at the expense ratio of the direct plan or 0.5%, whichever is lower. AMCs cannot charge exit loads in such plans.

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SEBI NEW RULES FOR MUTUAL FUND FOR 2021-New rules for Nav Applicability-...

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Three important mutual fund rules will be effective from Jan 1 2021

Three important mutual fund rules will be effective from Jan 1 2021

👉New Risk-o-Meter

👉Uniformity of NAV (orders >2lk will get NAV when funds reach AMC)

👉New safeguards wrt Inter Scheme Transfers

Key Highlights: Risk-o-Meter

-New category of 'very high' risk added

-Duration funds to have credit criteria

-Credit funds to have duration criteria

-All schemes to have newly introduced liquidity criteria

-MFs to disclose no of times the risk level has changed over the yr

Key Highlights: Uniform NAV

- Orders below Rs 2 lk (except overnight & liquid) will get NAV on the day that money reaches the AMCs, NOT on the day investor places the order

- this is already in place for orders above 2 lk

Key Highlights: IST

- Close Ended Schemes: IST purchases allowed only within 3 biz days of allotment of NFO 

-Open Ended Schemes: IST allowed for meeting redemption-led liquidity requirement

- IST for liquidity mgmt only after other option exhausted