SEBI, vide its circular dated 23 March 2020 (SEBI/HO/IMD/DF3/CIR/P/2020/47) has provided for the following relaxations in compliance requirement with respect to mutual funds.
A. Relaxations specified in SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder:
- All schemes (NFO) which are yet to be launched but where observation letter was issued by SEBI shall remain valid for a period of 1 year from the date of such SEBI letter.
- All new schemes (NFO) where final observation letter is yet to be issued shall remain valid for a period of 1 year from the date of the SEBI letter.
- Timelines for disclosures have also been relaxed, as follows:
| Particulars of disclosure/ Regulation/ Circular | Frequency | Original Due Date | Extended Date |
| Half yearly disclosures of unaudited financial results as required under Regulation 59 of SEBI (Mutual Funds) Regulations, 1996 | Half yearly 1 month from the close of the half year, i.e, 31 March 2020. | 30 April 2020 | 31 May 2020 |
| Disclosure of commission paid to distributors as required under Point 2(a) of SEBI circular No. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March 2016 | Half yearly Within 10 days from the half year end i.e. 31 March 2020 | 10 April 2020 | 10 May 2020 |
| Yearly disclosure of investor complaints with respect to Mutual Funds as required under Point 4 (b) of SEBI circular No. Cir/IMD/DF/2/2010 dated 13 May 2010 | Yearly Within 2 months of the close of the financial year i.e. 31 March 2020 | 31 May 2020 | 30 June 2020 |
B. Extension in the date of implementation for certain policy initiatives:
| Circular | Particulars | Original Due Date | Extended Date |
| Risk management framework for liquid and overnight funds and norms governing investment in short term deposits dated 20 September 2019 | Liquid funds shall hold at least 20% of its net assets in liquid assets | 1 April 2020 | 1 May 2020 |
| Review of investment norms for mutual funds for investment in Debt and Money Market Instruments dated 1 October 2019 | Existing open ended mutual fund schemes shall comply with the revised limits for sector exposure | 1 April 2020 | 1 May 2020 |
| Review of investment norms for mutual funds for investment in Debt and Money Market Instruments dated 1 October 2019 | Maximum investment in unlisted NCDs as % of the debt portfolio of the scheme. | 15% – 31 March 2020 | 15% – 30 April 2020 |
| Valuation of money market and debt securities dated 24 September 2019 | Amortization based valuation shall be dispensed with and irrespective of residual maturity, all money market and debt securities shall be valued in terms of paragraph 1.1.2.2 of the Circular. | 1 April 2020 | 1 May 2020 |
Further, SEBI issued a circular on 23 March 2020 (SEBI/HO/DDHS/CIR/P/2020/42), extending the due date for regulatory filings and compliances for REITs and InvITs for the period ending 31 March 2020 by 1 month, over and above the timelines prescribed under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014 and related circulars.
