In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts including the following:

The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC, ELSS schemes, etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to 30th June, 2020. Hence the investment/payment can be made up to 30.06.2020 for claiming the deduction under these sections for FY 2019-20.

In pursuance of the approval given by Securities and Exchange Board Of India (SEBI) vide its email dated April 06, 2020 to Association of Mutual Funds In India (AMFI), after taking into account the impact of the revised trading hours for various markets as per RBI Press Release dated April 03, 2020, the cut-off timing for both subscription and redemption in various mutual fund schemes has been revised for a temporary period from April 07, 2020 to April 17, 2020. The revised cut-off timings are given as under:

In case of Subscription

• For Liquid and Overnight Funds – 12:30 p.m.
• For other than Liquid and Overnight Funds – 01:00 p.m.

In case of Redemption

• For Liquid and Overnight Funds – 01:00 p.m.
• For other than Liquid and Overnight Funds – 01:00 p.m.

All other provisions of various SEBI Circulars related to applicability of NAV in case of both subscription and redemption shall remain unchanged.

In light of RBI Press Release dated April 16, 2020 on extension of time line for amended trading hours of various RBI regulated markets till April 30, 2020, SEBI vide its further email dated April 16, 2020 has decided that the cut-off timings for various mutual fund schemes, as already informed by SEBI vide its earlier email dated April 06, 2020, is extended till April 30, 2020.

Accordingly, the following revision in cut-off timing for both subscription and redemption in various mutual fund schemes is extended till April 30, 2020

In case of Subscription

• For Liquid and Overnight Funds – 12:30 p.m.
• For other than Liquid and Overnight Funds – 01:00 p.m.

In case of Redemption

• For Liquid and Overnight Funds – 01:00 p.m.
• For other than Liquid and Overnight Funds – 01:00 p.m.

All other provisions of various SEBI Circulars related to applicability of NAV in case of both subscription and redemption shall remain unchanged.

In light of RBI Press Release dated April 30, 2020 on extension of time line for amended trading hours of various RBI regulated markets till further notice, SEBI vide its further email dated April 30, 2020 has decided that the cut-off timings for various mutual fund schemes, as already informed by SEBI vide its earlier emails dated April 06, 2020 & April 16, 2020, is extended till further notice.

Accordingly, the following revision in cut-off timing for both subscription and redemption in various mutual fund schemes, that was earlier effective from April 07, 2020 to April 30, 2020, is extended till further notice

In case of Subscription

• For Liquid and Overnight Funds – 12:30 p.m.
• For other than Liquid and Overnight Funds – 01:00 p.m.

In case of Redemption

• For Liquid and Overnight Funds – 01:00 p.m.
• For other than Liquid and Overnight Funds – 01:00 p.m.

All other provisions of various SEBI Circulars related to applicability of NAV in case of both subscription and redemption shall remain unchanged.

In the recent ongoing, extended lockdown environment, Shriram Mutual Fund has allowed “SIP Pause” facility for the investors on BSE StAR MF platform. SIP installment can now be paused by the investors for the existing schemes of Shriram Mutual Fund on BSE StAR MF platform.

Minimum no. of SIP installment that can be paused is 3 and maximum no. of SIP installment that can be paused is 6 under each scheme. Further, such pause facility can be availed by the investors only for once in SIP’s lifetime.

Pursuant to SEBI letter no. SEBI/HO/IMD/DF2/OW/P/2020/17288/1 dated October 15, 2020, the cut off timings for applicability of Net Asset Value (NAV) for both subscription (including switch-in) and redemption (including switch-out) for all the existing schemes of Shriram Mutual Fund (namely ‘Shriram Hybrid Equity Fund’, ‘Shriram Multicap Fund’, ‘Shriram Long Term Equity Fund’ & ‘Shriram Balanced Advantage Fund’) shall be restored to the original cut-off timings of 3:00 p.m. effective from October 19, 2020 as under:

Transaction Type	Existing cut-off timings	Cut-off timings with effect from October 19, 2020
Subscription (including switch-in)	1:00 p.m.	3:00 p.m.
Redemption (including switch-out)	1:00 p.m.	3:00 p.m.

All the other terms & conditions of the said schemes and other provisions of various SEBI Circulars related to applicability of NAV in case of both subscription and redemption shall remain unchanged.

In partial modification to SEBI Circular No. SEBI/IMD/DF/21/2012 dated September 13, 2012, SEBI, vide its circular no. SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020 has decided that, with effect from January 01, 2021, in respect of purchase of units of mutual fund schemes (except liquid and overnight schemes), closing NAV of the day shall be applicable on which the funds are available for utilization irrespective of the size and time of receipt of such application.

In terms of paragraph 1 of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/ 2020/175 dated September 17, 2020, the uniform applicability of NAV in respect of purchase of units of mutual fund schemes upon realization of funds, was to come into effect from January 1, 2021.

Upon consideration of the subsequent representation received from AMFI regarding operational challenges, SEBI, vide its circular no. SEBI/HO/IMD/DF2/CIR/P/2020/253 dated December 31, 2020 has decided to extend the date of applicability of the aforementioned provision to February 1, 2021.