NISM Series V-A | Chapter 5: Scheme Related Information (SID, SAI, KIM) | Study Notes

The Principle of 'Caveat Emptor' In the mutual fund world, the rule is "Let the buyer beware" (Caveat Emptor). As an investor or distributor, it is presumed that you have read and understood all scheme documents before investing.

1. The Three Mandatory Documents

To make an informed decision, SEBI mandates three primary documents that provide all necessary technical and statutory information.

  • Scheme Information Document (SID): This is specific to a particular scheme. It contains the investment objective, asset allocation, and risk factors of that specific fund. It remains effective until a "material change" occurs.

  • Statement of Additional Information (SAI): This contains statutory information about the Mutual Fund or the AMC itself. Unlike the SID, a single SAI is applicable to all schemes offered by that mutual fund.

  • Key Information Memorandum (KIM): This is a summary of both the SID and SAI. It contains the most essential points an investor needs to determine suitability. Crucial Fact: Every application form must be accompanied by the KIM.

2. Mandatory Disclosures & Reporting

Transparency is key in the Indian mutual fund industry. AMCs must provide the following mandatory information:

  • Daily NAV Disclosure: The Net Asset Value must be updated every single day.

  • Total Expense Ratio (TER): Disclosure of the total costs charged to the scheme.

  • Portfolio Disclosure: Regular updates on exactly which stocks or bonds the fund is holding.

  • Annual Reports: Detailed financial statements and related disclosures provided to unit-holders yearly.

3. Non-Mandatory Disclosures

While not legally required by SEBI, most AMCs provide a Fund Factsheet. This is a monthly document that provides a quick snapshot of the fund's performance, top holdings, and fund manager details.

Dhaval Visariya

AMFI Registered Distributor (ARN-327925) | Software Developer & Finance Enthusiast

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Disclaimer: I am an AMFI Registered Mutual Fund Distributor. Views expressed here are for educational purposes. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
📧 Contact: info.apollofinancialservices@gmail.com

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