Mutual Funds · intermediate
Legal & Regulatory Framework
The rules that govern mutual funds in India: the SEBI (Mutual Funds) Regulations, 2026, the offer documents (SID, SAI and KIM), unitholders' rights, the advertisement code, the distributor code of conduct and the main recent rule changes.
- 01SEBI (Mutual Funds) Regulations — OverviewThe SEBI (Mutual Funds) Regulations, 2026 have been the rulebook for every mutual fund in India since 1 April 2026. This lesson explains where they come from, what they cover and the main structural and cost rules they set.
- 02Offer Document — SID, SAI & KIM ExplainedA scheme's offer document has two parts, the Scheme Information Document (SID) and the Statement of Additional Information (SAI); the Key Information Memorandum (KIM) is a separate summary. This lesson covers what each holds, how a draft reaches launch and how the documents are kept current.
- 03Key Information Memorandum — What to CheckThe Key Information Memorandum (KIM) is the short, standard-format summary of a scheme that accompanies every application form. This lesson explains what it contains, what it leaves out and how it relates to the offer document.
- 04Scheme Information Document — Deep DiveThe Scheme Information Document (SID) is the detailed disclosure document for one scheme and sets the terms within which the scheme must be run. This lesson covers its main sections, the fundamental attributes and what happens when one of them changes.
- 05Investor Rights & ObligationsUnitholders have rights to information, to redeem at NAV-based prices and to be paid on time, with interest for delay, along with a few obligations of their own. This lesson sets out those rights, their time limits and what they do not cover.
- 06Advertisement & Sales Literature GuidelinesSEBI's advertisement code governs every communication issued by or for a fund house. This lesson explains what an advertisement must carry, what it may not contain and the standard form in which performance is shown.
- 07Code of Conduct for Mutual Fund DistributorsA mutual fund distributor sells schemes for commission and must follow AMFI's code of conduct. This lesson sets out what the code expects, what it bars and how a distributor differs from a registered investment adviser.
- 08SEBI Circulars — Recent Important ChangesSEBI changes mutual fund rules through regulations and circulars, which are collected in a Master Circular. This lesson walks through the main changes in force by October 2026: the 2026 Regulations, expenses, categories, the riskometer, side pockets and folio rules.