{"id":254934,"date":"2021-09-30T11:30:03","date_gmt":"2021-09-30T06:00:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=254934"},"modified":"2021-09-30T10:58:50","modified_gmt":"2021-09-30T05:28:50","slug":"sebi-issues-circular-on-swing-pricing-framework-for-mutual-fund-schemes","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/30\/sebi-issues-circular-on-swing-pricing-framework-for-mutual-fund-schemes\/","title":{"rendered":"SEBI issues Circular on Swing pricing framework for mutual fund schemes"},"content":{"rendered":"<div style=\"text-align: justify;\">On September 29, 2021, SEBI has issued a circular Swing pricing framework for mutual fund schemes. The Swing pricing framework was introduced for open ended debt mutual fund schemes (except overnight funds, Gilt funds and Gilt with 10-year maturity funds). The circular shall be applicable with effect from March 1, 2022.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Under this framework, to begin with, the swing pricing framework will be made applicable only for scenarios related to net outflows from the schemes. The framework shall be a hybrid framework with:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<ul style=\"text-align: justify;\">\n<li>\u00a0a partial swing during normal times and<\/li>\n<li>\u00a0a mandatory full swing during market dislocation times for high risk open ended debt schemes.<\/li>\n<\/ul>\n<div style=\"text-align: justify;\"><\/div>\n<h4 style=\"text-align: justify;\"><strong>Swing pricing for normal times<\/strong><\/h4>\n<ul style=\"text-align: justify;\">\n<li>For normal times, the swing pricing framework is stipulated as under:<\/li>\n<\/ul>\n<div style=\"padding-left: 40px; text-align: justify;\">(i) AMFI shall prescribe broad parameters for determination of thresholds for triggering swing pricing which shall be followed by the AMCs. AMFI shall also prescribe an indicative range of swing threshold to the industry for normal times.<\/div>\n<div class=\"canvasWrapper\" style=\"text-align: justify;\">\n<div style=\"padding-left: 40px;\">(ii) Additionally, AMC may be allowed to have other parameters, if it desires so, considering the nature and characteristics of the mutual fund scheme.<\/div>\n<div style=\"padding-left: 40px;\">(iii) For normal times, AMCs shall decide on the applicability of swing pricing and the quantum of swing factor depending on scheme specific issues.<\/div>\n<div style=\"padding-left: 40px;\">(iv) All of the above shall be disclosed by the AMC in its Scheme Information Document (SID).<\/div>\n<ul>\n<li>AMCs may, if they desire so, implement the swing pricing framework for normal period, after incorporating clauses pertaining to the same in their SIDs and the same shall be considered as a Fundamental Attribute Change of the scheme in terms of regulation 18(15A) of SEBI (Mutual Fund) Regulations, 1996.<\/li>\n<\/ul>\n<\/div>\n<h4 style=\"text-align: justify;\"><\/h4>\n<h4 style=\"text-align: justify;\">Swing pricing for market dislocation<\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">\n<div>For the purpose of determining market dislocation, AMFI shall develop a set of guidelines\/parameters\/model for recommending the same to SEBI. SEBI will determine \u2018market dislocation\u2019 either based on AMFI\u2019s recommendation<\/div>\n<div>or suo moto. Once market dislocation is declared, it will be notified by SEBI that swing pricing will be applicable for a specified period.<\/div>\n<\/li>\n<li>\n<div>Subsequent to the announcement of market dislocation, the swing pricing framework shall be mandated only for open ended debt schemes (except overnight funds, Gilt funds and Gilt with 10-year maturity funds) which have:<\/div>\n<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\n<div>have High or Very High risk on the risk-o-meter;<\/div>\n<\/li>\n<li>\n<div>classify themselves in the cells A-III, B-II, B-III, C-I, C-II and C-III of Potential Risk Class (PRC) Matrix.<\/div>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">For more details, refer <a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/sep-2021\/circular-on-swing-pricing-framework-for-mutual-fund-schemes_52997.html\">HERE<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On September 29, 2021, SEBI has issued a circular Swing pricing framework for mutual fund schemes. The Swing pricing framework was introduced <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[47316,47315,2563,47317],"class_list":["post-254934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-market-dislocation","tag-mutual-fund","tag-SEBI","tag-swing-pricing-framework"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI issues Circular on Swing pricing framework for mutual fund schemes | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/30\/sebi-issues-circular-on-swing-pricing-framework-for-mutual-fund-schemes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI issues Circular on Swing pricing framework for mutual fund schemes\" \/>\n<meta property=\"og:description\" content=\"On September 29, 2021, SEBI has issued a circular Swing pricing framework for mutual fund schemes. 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