The record date would be two working days from the issue of public notice, for the purpose of payment of dividend, Sebi said in a circular on Friday.
For schemes investing at least 80% of their total assets in permissible overseas investments, the transfer of redemption proceeds to unitholders should be made within five working days from the date of redemption, the regulator said.
It said industry body, the Association of Mutual Funds in India (AMFI), should in consultation with it publish a list of exceptional circumstances for schemes unable to transfer redemption or repurchase proceeds to investors within time, as stipulated within 30 days of the issuance of the Sebi circular.
The regulator said interest for the period of delay in transfer of redemption or repurchase or dividend should be payable to unitholders at the rate of 15% per annum along with the proceeds of redemption or repurchase or dividend.
“Such interest shall be borne by AMCs (Asset Management Companies). The details of such payments shall be sent to Sebi as part of compliance test reports. Investors shall also be informed about the rate and amount of interest paid to them,” Sebi said.