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SEBI Circulars

Last updated: 19 September 2026

Mutual funds in India are regulated by the Securities and Exchange Board of India (SEBI). SEBI’s regulations, master circulars and circulars set the rules for mutual funds, their distributors and how schemes are sold, advertised and disclosed. ZFS, as an AMFI-registered distributor, follows the rules that apply to it.

Framework that applies

• The Securities and Exchange Board of India Act, 1992.
• SEBI (Mutual Funds) Regulations, 1996, and SEBI’s circulars and master circulars for mutual funds.
• AMFI guidelines and the AMFI Code of Conduct for mutual fund distributors (see our Code of Conduct).

Topics that matter to investors

• Categorisation of schemes and product labelling, including the riskometer.
• Total expense ratio (TER) and other costs.
• Advertisement and sales-literature norms, including performance disclosures.
• Distributor registration, conduct and commission disclosure.
• KYC, nomination and investor-protection requirements.
• Investor grievance redressal through SCORES and online dispute resolution.

Where to read the circulars

SEBI publishes all circulars and master circulars on its website. Visit SEBI and open Legal, then Circulars or Master Circulars. SEBI updates them frequently, so please always refer to its website for the latest version. ZFS does not reproduce circular text on this Website.

Investor grievances

Please first write to us at info@zfs.co.in. If you are not satisfied with our response, you may lodge a complaint on SEBI SCORES. If the matter is still unresolved, you may use the Smart ODR portal. SEBI’s master circular on online dispute resolution is here (December 2023 version; check the SEBI website for later updates).