Disclosures to Investors

48. (1) The offer document for retail schemes shall clearly include all disclosures which are material for investors to make a decision regarding investing in such schemes. (2) The disclosures in the offer document shall inter-alia include disclosures regarding the investment objective, the targeted investors, proposed size, investment style or strategy, investment methodology, proposed tenure of the scheme 34[, methodology of computation and disclosure of NAV,] fees and expenses, 35[conflicts of interest,] risk management practices, KMPs of the FME and other relevant details of the FME and the scheme. (3) Any material deviation or alteration to the fund strategy should be made with the consent of at least two-thirds (2/3rd) of investors by value. (4) 36[The FME shall ensure that the NAV is disclosed to the investors on a daily basis in case of an open-ended scheme and at least on weekly basis in case of a close-ended scheme, starting from the day or week, as the case may be, in which the scheme commences investment activities, excluding investments made in accordance with second proviso to sub-regulation (1) of regulation 46, in such manner as specified by the Authority. (5) The FME shall ensure that the portfolio under the scheme is disclosed to the investors at least on a quarterly basis, starting from the quarter in which the scheme commences investment activities, excluding investments made in accordance with second proviso to sub-regulation (1) of regulation 46, within one (1) month from the end of each quarter.] (6) Any other material disclosure as considered suitable by the FME or the fiduciaries shall be informed to the investors immediately. (7) The FME and the fiduciaries shall comply with the disclosure requirements as specified above or as may be specified by the Authority.