Scheme Structure on WebNotes

Close-ended mutual fund

Tue, 12 May 2026 00:00:00 +0000

A close-ended mutual fund is a category of mutual fund scheme that, under the SEBI (Mutual Funds) Regulations, 1996 , raises a fixed corpus through a one-time New Fund Offer (NFO), lists units compulsorily on a recognised stock exchange, and redeems them at a stated maturity date. Regulation 2(d) defines a close-ended scheme as a scheme of a mutual fund in which the period of maturity is specified, distinguishing it from the open-ended form defined in Regulation 2(s).

Interval mutual fund scheme

Tue, 12 May 2026 00:00:00 +0000

An interval mutual fund scheme is a category of mutual fund scheme under the SEBI (Mutual Funds) Regulations, 1996 that combines features of the open-ended form and the close-ended form by restricting subscription and redemption to defined transaction windows, known as Specified Transaction Periods (STPs), while otherwise running as a continuous scheme. The structure was codified by a SEBI circular of 11 June 2008, which prescribed the minimum length of each STP, the minimum gap between successive STPs, and the mandatory listing of units on a recognised stock exchange.

Open-ended mutual fund

Tue, 12 May 2026 00:00:00 +0000

An open-ended mutual fund is a category of mutual fund scheme that, under the SEBI (Mutual Funds) Regulations, 1996 , offers continuous subscription and continuous repurchase of units at the prevailing Net Asset Value (NAV), without any fixed maturity date. Regulation 2(s) defines an open-ended scheme as a scheme of a mutual fund that offers units for sale without specifying any duration for redemption. The scheme corpus is therefore variable, expanding with net inflows and contracting with net outflows.