AMFI revamped factsheet (2024)

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The AMFI revamped factsheet refers to the updated standardised factsheet template issued by the Association of Mutual Funds in India (AMFI) in 2024, which superseded the previous template and introduced a range of changes to how SEBI-registered asset management companies (AMCs) must present scheme information in their monthly factsheets. The 2024 revision was the most comprehensive overhaul of the factsheet format since the original standardisation effort and was driven by investor feedback, SEBI’s review of disclosure practices, and the need to align the factsheet with the 2021 Risk-O-Meter methodology.

Context for the 2024 revision

AMFI initiated a review of the factsheet template in 2022-23 following:

  • the implementation of the revised six-level Risk-O-Meter in 2021, which required updated display conventions;
  • SEBI’s observation that many AMCs’ factsheets, while technically compliant, were too long and dense for retail investors to use effectively;
  • feedback from financial advisers and distributors that performance comparison across AMCs remained difficult because some allowed fields were being displayed differently; and
  • the growth of mobile-first digital distribution platforms, which required factsheets to be readable on small screens without loss of key information.

Key changes in the 2024 revision

Standardised performance table format

The 2024 revision prescribed a uniform table format for presenting scheme returns:

  • Column order was standardised: Scheme return | Benchmark return | Additional benchmark return, for each time period.
  • Return periods were standardised to 1 month, 3 months, 6 months, 1 year, 3 years, 5 years, 10 years (where available), and since inception.
  • NAV reference dates must be clearly stated for each performance period.
  • AMCs may no longer omit any standard time period from the performance table even if it is unfavourable.

Enhanced risk-adjusted return metrics

The revised template made it mandatory (previously optional) for equity funds to display:

  • Sharpe ratio (calculated on a rolling 3-year basis)
  • Standard deviation (annualised, 3-year rolling)
  • Beta (against the scheme’s declared benchmark)

For debt funds, the mandatory metrics were standardised to include:

  • Modified duration
  • Macaulay duration
  • Average maturity
  • Yield to maturity (YTM)

Improved Risk-O-Meter placement

The 2024 revision clarified the placement rules for the Risk-O-Meter graphic, requiring it to appear in a standardised position relative to the scheme name and NAV box on the first page of each scheme section. The revision also required that the riskometer level change history for the preceding 12 months be displayed in a compact table within the factsheet, rather than only on the AMFI website.

Portfolio concentration disclosures

The 2024 template introduced a mandatory top-10 holding concentration indicator: the percentage of portfolio in the top 10 holdings must be prominently displayed alongside the full portfolio list. This helps investors quickly assess concentration risk without computing it manually from the full portfolio listing.

ESG scheme additional disclosures

For schemes with ESG (Environmental, Social, and Governance) investment mandates, the 2024 revision introduced mandatory additional disclosures of the ESG scoring methodology, the third-party ESG data provider used, and the percentage of portfolio in entities meeting the ESG criteria.

Digital accessibility requirements

The 2024 revision introduced minimum accessibility standards for digital factsheet formats:

  • Font size minimums for all mandatory text elements.
  • Colour contrast requirements ensuring the Risk-O-Meter and performance tables meet accessibility standards for colour-vision-deficient readers.
  • Alt-text requirements for graphical elements in PDF factsheets intended for web publication.

Implementation timeline

AMFI prescribed a phased implementation of the 2024 template revisions. AMCs were required to:

  • adopt the new performance table format by March 2024 (for the March 2024 factsheet);
  • adopt the enhanced risk metrics and Risk-O-Meter history display by June 2024; and
  • adopt the full revised template including ESG and digital accessibility requirements by September 2024.

See also

References

  1. AMFI. “Revamped factsheet template circular.” amfiindia.com. 2024.
  2. SEBI. “Review of mutual fund factsheet disclosures.” SEBI board paper, 2022.
  3. AMFI. “Implementation timeline for revised factsheet.” amfiindia.com. 2024.
  4. AMFI. “Stakeholder feedback on factsheet revision.” Investor Education Committee report, 2023.

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The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

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