SEBI Circulars

Last updated: 1 August 2026 · RG Wealth Creation · ARN 308075

The mutual fund industry in India operates under the SEBI (Mutual Funds) Regulations, 1996, as amended, together with circulars and master circulars issued by SEBI from time to time. AMFI issues best-practice guidelines that bind registered distributors. Nothing on this page is a substitute for reading the original text.

Where to read the originals

• SEBI — Circulars: all circulars, searchable by date and department.
• SEBI — Master Circulars: consolidated master circulars, including the one for mutual funds.
• SEBI: regulations, press releases and investor material.
• AMFI: best-practice circulars applicable to distributors and AMCs.
• SEBI Investor Website: plain-language investor education material.

Areas most relevant to ordinary investors

• Scheme categorisation. SEBI defines the categories in which schemes may be offered and what each category must hold, so that a category name carries a consistent meaning across AMCs.
• Risk-o-meter. A standardised risk label, calculated by a prescribed methodology and updated as the portfolio changes.
• Total expense ratio. Limits on what a scheme may charge, and the requirement to disclose it.
• Trail-only commission. Distributor commission is paid entirely on a trail basis; upfront commission is not permitted.
• Cut-off timings and NAV applicability. Rules determining which day's NAV applies to your transaction, including realisation of funds.
• KYC and nomination. Requirements for investor identification, and for recording or opting out of nomination.
• Grievance redressal and ODR. The SCORES platform and the online dispute resolution mechanism for the securities market.

A note on currency

Regulations change frequently, sometimes several times a year. Summaries on this website reflect our understanding at the time of writing and may be out of date. Always check the SEBI and AMFI websites for the current position, and treat the original circular as authoritative.