{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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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The circular has specified norms regarding holding of liquid assets in open ended debt schemes & stress testing of open-ended debt schemes. \u00a0 A\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":325513,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/02\/sebi-issues-master-circular-for-mutual-funds-rescinding-16-previous-circulars-legal-news\/","url_meta":{"origin":254934,"position":1},"title":"SEBI issues Master Circular for Mutual Funds rescinding 16 circulars","author":"Editor","date":"July 2, 2024","format":false,"excerpt":"This Master Circular for Mutual Funds includes all previous guidelines\/directions that were included in the Master Circular dated 19-05-2023.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":351868,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/06\/30\/sebi-mutual-fund-passive-breach-rebalancing-timeline-update\/","url_meta":{"origin":254934,"position":2},"title":"SEBI brings all Passive Breaches under one rebalancing framework","author":"Shubhi","date":"June 30, 2025","format":false,"excerpt":"Timelines for Rebalancing of Portfolios of Mutual Fund Schemes revised to encompass all Passive Breach categories.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"passive breaches","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/passive-breaches.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/passive-breaches.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/passive-breaches.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/passive-breaches.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":368037,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/11\/28\/sebi-announces-additional-incentives-mutual-fund-distributors\/","url_meta":{"origin":254934,"position":3},"title":"SEBI rolls out Additional Incentives for Mutual Fund Distributors to promote Women and B-30 City Investors","author":"Shubhi","date":"November 28, 2025","format":false,"excerpt":"SEBI has notified framework for additional incentives to mutual fund distributors from Feb 2026, promoting women investors, expanding outreach in B-30 cities, and strengthening financial inclusion across India.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Additional Incentives for mutual funds","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Additional-Incentives-for-mutual-funds.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Additional-Incentives-for-mutual-funds.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Additional-Incentives-for-mutual-funds.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Additional-Incentives-for-mutual-funds.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":258507,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/14\/sebi-issues-circular-on-usage-of-pool-accounts-for-mutual-funds\/","url_meta":{"origin":254934,"position":4},"title":"SEBI issues Circular on usage of pool accounts for Mutual Funds","author":"Prachi Bhardwaj","date":"December 14, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has issued a Circular on Mutual Funds on December 10, 2021. The representations were received from the industry highlighting the instances where pool accounts are used for mutual funds. The issue was discussed in Mutual Funds Advisory Committee (MFAC) & based on the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":239014,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/11\/sebi-introduces-flexi-cap-fund-as-a-new-category-under-equity-schemes\/","url_meta":{"origin":254934,"position":5},"title":"SEBI introduces \u201cFlexi Cap Fund\u201d as a new category under Equity Schemes","author":"Bhumika Indulia","date":"November 11, 2020","format":false,"excerpt":"In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named \u201cFlexi Cap Fund\u201d under Equity Schemes will be available with the following scheme characteristics. 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