Categories of Mutual Fund Schemes, Scheme Characteristics and Type of Scheme :
The Schemes would be broadly classified in the following groups:
- Equity Schemes
- Debt Schemes
- Hybrid Schemes
- Solution Oriented Schemes
- Other Schemes
Definition of Large Cap, Mid Cap and Small Cap :
- Large Cap : 1st -100th company in terms of full market capitalization.
- Mid Cap : 101st -250th company in terms of full market capitalization.
- Small Cap : 251st company onwards in terms of full market capitalization.
This list would be uploaded on the AMFI website and the same would be updated every six months based on the data as on the end of June and December of each year. The data shall be available on the AMFI website within 5 calendar days from the end of the 6 months period.
Only one scheme per category would be permitted, except:
Index Funds/ ETFs replicating/ tracking different indices
Fund of Funds having different underlying schemes
Sectoral/ thematic funds investing in different sectors/ themes
| Sr.No. | Category of Schemes | Scheme Characteristics | Type of scheme (uniform description of scheme) |
|---|---|---|---|
| 1 | Multi Cap Fund | Minimum investment in equity & equity related instruments- 65% of total assets | Multi Cap Fund- An open ended equity scheme investing across large cap, mid cap, small cap stocks |
| 2 | Large Cap Fund | Minimum investment in equity & equity related instruments of large cap companies- 80% of total assets | Large Cap Fund- An open ended equity scheme predominantly investing in large cap stocks |
| 3 | Large & Mid Cap Fund | Minimum investment in equity & equity related instruments of large cap companies- 35% of total assets Minimum investment in equity & equity related instruments of mid cap stocks- 35% of total assets | Large & Mid Cap Fund- An open ended equity scheme investing in both large cap and mid cap stocks |
| 4 | Mid Cap Fund | Minimum investment in equity & equity related instruments of mid cap companies- 65% of total assets | Mid Cap Fund- An open ended equity scheme predominantly investing in mid cap stocks |
| 5 | Small cap Fund | Minimum investment in equity & equity related instruments of small cap companies- 65% of total assets | Small Cap Fund- An open ended equity scheme predominantly investing in small cap stocks |
| 6 | Dividend Yield Fund | Scheme should predominantly invest in dividend yielding stocks. Minimum investment in equity- 65% of total assets | An open ended equity scheme predominantly investing in dividend yielding stocks |
| 7 | Value Fund* | Scheme should follow a value investment strategy. Minimum investment in equity & equity related instruments - 65% of total assets | An open ended equity scheme following a value investment strategy |
| Contra Fund* | Scheme should follow a contrarian investment strategy. Minimum investment in equity & equity related instruments - 65% of total assets | An open ended equity scheme following contrarian investment strategy | |
| 8 | Focused Fund | A scheme focused on the number of stocks (maximum 30) Minimum investment in equity & equity related instruments - 65% of total assets | An open ended equity scheme investing in maximum 30 stocks (mention where the scheme intends to focus, viz., |
| 9 | Sectoral/Thematic | Minimum investment in equity & equity related instruments of a particular sector/ particular theme80% of total assets | An open ended equity scheme investing in __ sector (mention the sector)/ An open ended equity scheme following __ theme (mention the theme) |
| 10 | ELSS U/s 80C | Minimum investment in equity & equity related instruments - 80% of total assets (in accordance with Equity Linked Saving Scheme, 2005 notified by Ministry of Finance) | An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit |
B. Debt Schemes
| Sr.No. | Category of Schemes | Scheme Characteristics | Type of scheme (uniform description of scheme) |
|---|---|---|---|
| 1 | Overnight Fund** | Investment in overnight securities having maturity of 1 day | An open ended debt scheme investing in overnight securities |
| 2 | Liquid Fund $** | Investment in Debt and money market securities with maturity of upto 91 days only | An open ended liquid scheme |
| 3 | Ultra Short Duration Fund | Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months - 6 months | An open ended ultra-short term debt scheme investing in instruments with Macaulay duration between 3 months and 6 months |
| 4 | Low Duration Fund | Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 6 months- 12 months | An open ended low duration debt scheme investing in instruments with Macaulay duration between 6 months and 12 months |
| 5 | Money Market Fund | Investment in Money Market instruments having maturity upto 1 year | An open ended debt scheme investing in money market instruments |
| 6 | Short Duration Fund | Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 1 year – 3 years | An open ended short term debt scheme investing in instruments with Macaulay duration between 1 year and 3 years |
| 7 | Medium Duration Fund | Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 years – 4 years | An open ended medium term debt scheme investing in instruments with Macaulay duration between 3 years and 4 years |
| 8 | Medium to Long Duration Fund | Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 4 – 7 years | An open ended medium term debt scheme investing in instruments with Macaulay duration between 4 years and 7 years |
| 9 | Long Duration Fund | Investment in Debt & Money Market Instruments such that the Macaulay duration of the portfolio is greater than 7 years | An open ended debt scheme investing in instruments with Macaulay duration greater than 7 years |
| 10 | Dynamic Bond | Investment across duration | An open ended dynamic debt scheme investing across duration |
| 11 | Corporate Bond Fund | Minimum investment in corporate bonds- 80% of total assets (only in highest rated instruments) | An open ended debt scheme predominantly investing in highest rated corporate bonds |
| 12 | Credit Risk Fund^ | Minimum investment in corporate bonds- 65% of total assets (investment in below highest rated instruments) | An open ended debt scheme investing in below highest rated corporate bonds |
| 13 | Banking and PSU Fund | Minimum investment in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions- 80% of total assets | An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions |
| 14 | Gilt Fund | Minimum investment in Gsecs- 80% of total assets (across maturity) | An open ended debt scheme investing in government securities across maturity |
| 15 | Gilt Fund with 10 year constant duration | Minimum investment in Gsecs- 80% of total assets such that the Macaulay duration of the portfolio is equal to 10 years | An open ended debt scheme investing in government securities having a constant maturity of 10 years |
| 16 | Floater Fund | Minimum investment in floating rate instruments- 65% of total assets | An open ended debt scheme predominantly investing in floating rate instruments |
**Provisions of SEBI Circular No SEBI/IMD/DF/19/2010 dated November 26, 2010 shall
be followed for Uniform cut-off timings for applicability of Net Asset Value in
respect of Liquid Fund and Overnight Fund.
$ All provisions mentioned in SEBI circular SEBI/IMD/CIR No.13/150975/09 dated
January 19, 2009 in respect of liquid schemes shall be applicable
^ Words/ phrases that highlight/ emphasize only the return aspect of the scheme
shall not be used in the name of the scheme (for instance Credit Opportunities Fund,
High Yield Fund, Credit Advantage etc.)
C. Hybrid Schemes
| Sr.No. | Category of Schemes | Scheme Characteristics | Type of scheme (uniform description of scheme) |
|---|---|---|---|
| 1 | Conservative Hybrid Fund | Investment in equity & equity related instruments- between 10% and 25% of total assets; Investment in Debt instrumentsbetween 75% and 90% of total asset | An open ended hybrid scheme investing predominantly in debt instruments |
| 2 | Balanced Hybrid Fund @ | Equity & Equity related instrumentsbetween 40% and 60% of total assets; Debt instruments- between 40% and 60% of total assets No Arbitrage would be permitted in this scheme | An open ended balanced scheme investing in equity and debt instruments |
| Aggressive Hybrid Fund @ | Equity & Equity related instrumentsbetween 65% and 80% of total assets; Debt instruments- between 20% 35% of total assets | An open ended hybrid scheme investing predominantly in equity and equity related instruments | |
| 3 | Dynamic Asset Allocation or Balanced Advantage | Investment in equity/ debt that is managed dynamically | An open ended dynamic asset allocation fund |
| 4 | Multi Asset Allocation ## | Invests in at least three asset classes with a minimum allocation of at least 10% each in all three asset classes | An open ended scheme investing in __, __, __ (mention the three different asset classes) |
| 5 | Arbitrage Fund | Scheme following arbitrage strategy. Minimum investment in equity & equity related instruments65% of total assets | An open ended scheme investing in arbitrage opportunities |
| 6 | Equity Savings M | Minimum investment in equity & equity related instruments- 65% of total assets and minimum investment in debt- 10% of total assets Minimum hedged & unhedged to be stated in the SID Asset Allocation under defensive considerations may also be stated in the Offer Document | An open ended scheme investing in equity, arbitrage and debt |
@ Mutual Funds will be permitted to offer either an Aggressive Hybrid fund or
Balancedfund
## Foreign securities will not be treated as a separate asset class
D. Solution Oriented Schemes:
| Sr.No. | Category of Schemes | Scheme Characteristics | Type of scheme (uniform description of scheme) |
|---|---|---|---|
| 1 | Retirement Fund | Scheme having a lock-in for at least 5 years or till retirement age whichever is earlier | An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier) |
| 2 | Children’s Fund | Scheme having a lock-in for at least 5 years or till the child attains age of majority whichever is earlier | An open ended fund for investment for children having a lock-in for at least 5 years or till the child attains age of majority (whichever is earlier) |
E. Other Schemes:
| Sr.No. | Category of Schemes | Scheme Characteristics | Type of scheme (uniform description of scheme) |
|---|---|---|---|
| 1 | Index Funds/ETFs | Minimum investment in securities of a particular index (which is being replicated/ tracked)- 95% of total assets | An open ended scheme replicating/ tracking _ index |
| 2 | FoFs (Overseas/Domestic) | Minimum investment in the underlying fund- 95% of total assets | An open ended fund of fund scheme investing in ___ fund (mention the underlying fund) |
