The Securities and Exchange Board of India (SEBI) on August 11, 2023, issued a notification regarding the Timeline for the Exit Option Window Period for Change in Control of AMC.
The following has been stated namely: -
• Reference is drawn to SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023, which states “Master Circular for Mutual Funds”
• Para 17.B.1 has been modified as under:
“The unitholders are given an option to exit on the prevailing Net Asset Value (NAV) without any exit load within a time period not less than 15 calendar days from the date of communication. However, in case of change in control resulting in consolidation or merger of schemes, the unitholders are given an option to exit on the prevailing Net Asset Value (NAV) without any exit load within a time period not less than 30 calendar days from the date of communication.”
All AMCs are advised to make the necessary changes to facilitate the above within one month from August 11, 2023.
[Notification No. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2023/142]
