IMSL Integrated Master Securities Pvt Ltd

The Securities and Exchange Board of India has introduced a detailed regulatory framework for Life Cycle Funds as part of its revised categorisation and rationalisation norms for mutual fund schemes.

Definition and structure

Life Cycle Funds are defined as open-ended funds with a target date maturity following a glide path strategy and investing across various asset classes, including equity, debt, InvITs, ETCDs, Gold ETFs and Silver ETFs.

These schemes must follow the asset allocation structure. The framework specifies relatively higher permissible equity exposure in the earlier years to maturity. As the scheme approaches maturity, the permissible equity exposure reduces, with corresponding allocation ranges for debt and other permitted asset classes.

Tenure and launch conditions

Mutual funds may launch Life Cycle Funds with a minimum tenure of 5 years and a maximum tenure of 30 years. Such funds may be launched only in tenures that are multiples of five years.

A mutual fund can have a maximum of six Life Cycle Funds open for subscription at any given point in time.

Additionally, when a Life Cycle Fund has less than one year remaining to maturity, it may be merged with the nearest maturity Life Cycle Fund, subject to obtaining positive consent from unitholders.

Asset allocation glide path

Sebi prescribed detailed allocation ranges for different maturity buckets. For instance, in a 30-year Life Cycle Fund, equity allocation may range between 65% and 95% when the fund has 15 to 30 years remaining to maturity. As the fund approaches maturity, the permissible equity allocation reduces in stages, and allocation to debt correspondingly increases.

For years to maturity below five years, Life Cycle Funds may take equity arbitrage exposure of up to 50% in addition to the specified equity range, provided that total investment in equity and equity-related instruments remains within the prescribed limits for such schemes.

Where years to maturity are between one and three years, exposure in debt instruments is restricted to AA and above rated instruments with residual maturity less than the target maturity of the scheme.

ETCD exposure is permitted only in Gold and Silver.

Exit load structure

To promote financial discipline, Life Cycle Funds shall levy an exit load of 3% on exits within one year of investment, 2% on exits within two years of investment and 1% on exits within three years of investment.

Naming and benchmark requirements

Life Cycle Funds are required to include the maturity year in the scheme nomenclature, for example Life Cycle Fund 2055.

Such schemes shall follow the benchmark framework prescribed for Multi Asset Allocation Funds.

Regulatory intent

By codifying tenure, glide path allocation bands, exit load structure and naming conventions, SEBI has established a standardised framework for target date, goal-based investing products within the mutual fund ecosystem.

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Risk Disclosure on Derivatives

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
On an average, loss makers registered net trading loss close to ₹ 50,000.
Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: SEBI study dated January 25, 2023 on "Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment", wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

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Integrated Master Securities Pvt Ltd: Member of NSE & BSE- SEBI Registration No-INZ000175931 | CDSL: Depository Services through Integrated Master Securities Pvt Ltd- SEBI Registration No: IN-DP-CDSL-97-2000 | NDSL: Depository Services through Integrated Master Securities Pvt Ltd- SEBI Registration No: IN-DP-499-2020 | MCX - SEBI Registration No-INZ000175931

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