 "Sebi")
Markets regulator Sebi on Friday allowed asset management companies to offer instant access facility in overnight mutual fund schemes. Earlier, Asset Management Companies (AMCs) were allowed to offer such a facility only in liquid schemes.
Instant Access Facility (IAF) facilitates credit of redemption proceeds in the bank account of the investor on the same day of redemption request. In a circular, Sebi said "MFs/ AMCs can offer Instant Access Facility (IAF) only in overnight and liquid schemes of the MF".
Also, the regulator has tweaked the framework with respect to treatment of unclaimed redemption and dividend amounts.
Sebi said the unclaimed redemption and
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