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STATEMENT OF ADDITIONAL INFORMATION (SAI)Mutual FundTrustee CompanyAsset Management CompanySBI Mutual Fund(‘SBI MF’)SBI Mutual Fund TrusteeCompany Private Limited('Trustee Company')CIN : U65991MH2003PTC138496SBI Funds Management PrivateLimited ('AMC')(A joint venture between SBI andAMUNDI)CIN : U65990MH1992PTC065289Registered Office:9th Floor, Crescenzo, C– 38 & 39, GBlock, Bandra-Kurla, Complex,Bandra (East), Mumbai- 400 051Corporate Office9th Floor, Crescenzo, C– 38& 39, G Block, BandraKurla, Complex, Bandra(East), Mumbai- 400 051www.sbimf.comRegistered Office:9th Floor, Crescenzo, C– 38 & 39, GBlock, Bandra-Kurla, Complex,Bandra (East), Mumbai- 400 051This Statement of Additional Information (SAI) contains details of SBI Mutual Fund, its constitution, andcertain tax, legal and general information. It is incorporated by reference (is legally a part of the SchemeInformation Document).This SAI is dated June 30, 2021Statement of Additional Information1
TABLE OF CONTENTSConstitution of the Mutual FundSponsorTrusteeAsset Management Company (AMC)Important instructionsRIGHTS OF UNITHOLDERS OF THE SCHEMEINVESTMENT VALUATION NORMSTAX, LEGAL & GENERAL INFORMATIONTax treatment for Investors (unit holders) and the Mutual FundLegal InformationGeneral InformationStatement of Additional Information2
I INFORMATION ABOUT SPONSOR, AMC AND TRUSTEE COMPANIESA.Constitution of the Mutual FundSBI Mutual Fund (the “Mutual Fund”) has been constituted on June 29, 1987 as a Trust in accordancewith the provisions of the Indian Trusts Act, 1882 (2 of 1882) with State Bank of India (SBI), as the Sponsorand SBI Mutual Fund Trustee Company Private Limited as the Trustee. The Trust Deed has beenregistered under the Indian Registration Act, 1908. The Mutual Fund was registered with SEBI onDecember 23, 1993 under Registration Code MF-009/93/3.B.SponsorSBI Mutual Fund is sponsored by State Bank of India, one of the largest public sector banks in India. TheSponsor is the Settlor of the Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 5 Lakhs to theTrustee as the initial contribution towards the corpus of the Mutual Fund.The State Bank of India ‘SBI’ having its Corporate Office at State Bank Bhavan, Madame Cama Road,Mumbai - 400 021, is the largest public sector bank with 22,219 branches in India and 229 foreign officesspread over 31 countries (as on March 31, 2021), the largest overseas network among all Indian banks.Extensive network, along with correspondent banking relationship with more than 233 banks and tie upswith 50 Exchanges across all continents making SBI a bank with global outreach.SBI also has non-banking subsidiaries in India. As on March 31, 2021, State Bank of India holds 62.8837%stake in SBI Funds Management Private Limited.Financial Performance of the SBI (Sponsor) {past three years}:ParticularsNet Worth (Rs. Cr.)(Paid up Capital and Reserves & Surplus)Total Income (Rs. Cr.)Net Profit/(Loss) (Rs. Cr.)C.2021202020192,14,666.17 1,96,036.72 TrusteeSBI Mutual Fund Trustee Company Private Limited (the “Trustee” or SBIMFTCPL), through its Board ofDirectors, shall discharge its obligations as Trustee of the SBI Mutual Fund. The Trustee ensures that thetransactions entered into by the AMC are in accordance with the SEBI Regulations and will also reviewthe activities carried on by the AMC.The registered office of SBIMFTCPL is situated at 9th Floor, Crescenzo, C– 38 & 39, G Block, BandraKurla Complex, Bandra (East), Mumbai - 400 051. SBIMFTCPL is the Trustee to the Mutual Fund vide theRestated and Amended Trust Deed dated December 29, 2004, to supervise the activities of the Fund.(i) Details of Trustee Directors:Sr.No.1Name/ Age / QualificationMr.DhruvPrakash(Independent Director)Age : 69 YearsPost Graduate Diploma inBusiness Administration,IIM Ahmedabad; M. Sc(Chemistry),MeerutUniversityExperienceMr. Prakash is a Management Consultant and Executive Coach. He has46 years of experience in a variety of industries out of which about 26years has been in very senior positions. He has an extensive backgroundin consulting and has worked with several of India's leading businessesto manage change, coach senior management, build high performancecultures, align executive compensation, restructure organizations andconduct post merger integration. Currently, he is serving as an advisorto Helion Advisors who advice a venture fund and Space Matrix DesignConsultants.Prior to setting up his own practice, Mr. Prakash had held severalimportant positions, viz:Statement of Additional Information3
Sr.No.Name/ Age / QualificationExperience Managing Director, Korn/Ferry International, Gurgaon(March 2010 - November 2011) ; Director HR, Helion Advisors Pvt. Ltd (January 2008 February 2010); Practice Leader, Hewitt Associates (June 1998 - December2007); President and whole time Director of DCM FinancialServices Limited (1994 - 1997); Chief Financial Officer of DCM Toyota.He has also held several senior positions in finance at Escorts, HCL andAmar Dye Chem and has also served on the Board of Intec CapitalLimited, a NBFC, from May 2014 to October 2015. Currently, Mr.Prakash is a director on the Board of IndiaMart InterMesh Limited andBharat Hotels Limited.2Mr. Richard Mendonca(Associate Director)Age: 68 YearsB. Com (University ofMumbai),CharteredAccountant and CompanySecretary3Mr. Richard Mendonca has over three decades of experience in thefunctional areas of accounting, auditing, compliance, secretarial andfinance. He has held various senior finance and related positions in anumber of esteemed organisations – mainly multinational companies likeJ. Walter Thompson, Pennzoil India Ltd., Esab India Ltd. and SKFBearings India Ltd. His experience spans various types of industrieswhich include engineering, lubricants, welding, ball bearing, advertisingand communication. Mr. Mendonca is currently Operations Director,Commercial Finance Team, J.Walter Thompson located at Mumbai. Inhis current role he oversees a team which is involved in data collectionand analysis of some of J. Walter Thompson’s global multinationalclients.CA Prafulla P. Chhajed(Independent Director)Age : 54 yearsCA. Prafulla P Chhajed is a fellow and practising member of the Instituteof Chartered Accountants of India (ICAI) and a Managing Partner of aChartered Accountant firm M/s Mayur & Chhajed, Mumbai, since 2010. B. Com.; LL.B (Gen), FCAPresently he is Chairperson of Executive Committee of World Congressof Accountants 2022 constituted by International Federation ofAccountants (IFAC) and Board member of Confederation of Asian &Pacific Accountants (CAPA) and South Asian Federation of Accountants(SAFA).He is also Director in Indian Institute Of Insolvency Professionals of ICAI,ICAI Registered Valuers Organisation, Extensible Business ReportingLanguage (XBRL) India, Intercontinental Forum of Entrepreneurs andProfessionals and GIC Housing Finance Ltd. He has also served as aDirector of ICAI Accounting Research Foundation and an IndependentDirector in Insurance Regulatory & Development Authority (IRDA) withresponsibilities of policy making and regulatory functions relating toChartered Accountancy profession and Insurance respectively.He is associated as a member in various committees like SEBI’s PrimaryMarket Advisory Committee, Insurance Advisory Committee of IRDA,Banking, Financial Services & Insurance Committee and Capital Market& Investor Protection Committee of ICAI and Chairman of SAFA’s Small& Medium Practitioners (SMP) Committee. He has also served as specialStatement of Additional Information4
Sr.No.Name/ Age / QualificationExperienceinvitee to Banking & Finance Committee of Indian Merchants’ Chamber(IMC), Mumbai.4Mr.SunilGulati(Independent Director)Mr. Sunil Gulati has over three decades of global experience in thebanking industry across investment banking, corporate finance,relationship management, risk management and corporate strategy. Inthe last 15 years, Mr. Gulati was a key member of the managementteams at RBL Bank Ltd (Chief Risk Officer), Yes Bank and ING Group,India. Mr. Gulati headed the GE Commercial Finance business for a shortperiod. He was the head of the ING Barings business in India and waspart of the core team that helped ING acquire a controlling stake in VysyaBank. He was head of the Corporate and Investment Banking businessat ING Vysya after the acquisition.Age: 60 yearsB. Tech (IIT, Delhi);PGDM (IIM, Ahmedabad)Mr. Gulati also worked with Bank of America, where he initiated theirinvestment banking efforts in India in 1997. Before that, he was based inHong Kong with primary responsibilities for Bank of America investmentbanking activities in North Asia. Mr. Gulati also handled strategic andcorporate M&A exercises for Bank of America, throughout the AsiaPacific region, including the divestment of its subsidiaries and branchesin Malaysia, Thailand and Australia. Mr. Gulati had also worked withStandard Chartered Merchant Bank and with the managementconsultancy division of A.F. Ferguson & Co. in India.Presently, Mr. Gulati is the non-executive Chairman of Merisis AdvisorsPvt. Ltd., a boutique investment bank and is an Independent Director onthe Boards of Fincare Small Finance Bank Ltd; Varthana Finance Pvt.Ltd, Visage Holdings and Finance Pvt. Ltd., Tapstart Capital Pvt Ltd,Samunnati Financial Intermediation & Services Pvt. Ltd., PNB MetlifeIndia Insurance Company Ltd, Arthan Finance Pvt. Ltd., ParadimeTechnologies Pvt. Ltd., Perfios Account Aggregation Services PrivateLimited and Empays Payment Services India Pvt. Ltd.5Dr. Archana Hingorani(Independent Director)Age: 55 yearsQualification:PhD–Corporate Finance, MBA,BA – EconomicsGulati holds an MBA from the Indian Institute of Management,Ahmedabad in 1984 and B.Tech. in Electronics from the Indian Instituteof Technology, Delhi in 1982.Dr. Archana Hingorani has over 25 years of experience in the assetmanagement business. In her formative years, she helped create a newcompany and raise resources focused on oil exploration, a first for India.This laid the foundation for understanding private markets. She has richexperience in fund raising, investing, nurturing investments through fourdifferent economic cycles, carving exit paths, and spearheading ESGprograms. Currently, she runs Siana Capital Management LLP, an assetmanagement business focused on technology and impact investments.She also serves on the University of Pittsburgh’s Chancellor’s GlobalAdvisory Council and the Advisory Board of TalentNomics, a Washingtonbased group focused on encouraging upward movement of women in theworkforce, and Global Impact Initiative, an Australian firm focused onimpact investments. In the recent past, she has also served on theInvestment Commissions of the United Nations Environment Programmeand has been recognized for leadership by Business World, FortuneIndia, and Asian Investor. She is an Adjunct Faculty at the Katz GraduateStatement of Additional Information5
Sr.No.Name/ Age / QualificationExperienceSchool of Business, University of Pittsburgh, for Private Equity andAlternative Assets.She has served as Director on many Boards in the past, including theirCorporate Governance, Compensation and Audit Committees. She hasalso served as CEO & Executive Director of IL&FS Investment ManagersLtd from 2009 to April 2017. She is currently Director on the Boards ofAlembic Pharmaceuticals Limited, Grindwell Norton Limited, SIDBIVenture Capital Ltd, DEN Networks Ltd, Balaji Telefilms Ltd, AgstackTechnologies Private Limited and 5Paisa Capital Ltd. She was alsoinstrumental in creating one of the earliest Trustee companies in 1996.6Mr. Achal Kumar Gupta(Associate Director)Age: 67 yearsQualification: Masters ofArts (M.A.), CAIIBMr. Achal Kumar Gupta has around 41 years of experience in the areasof Banking and Financial services. He has rich experience in diverseareas such as Credit Administration, Asset Management, Retail Banking,Branch Banking, Controller of Branches, Agricultural Banking, NRIServices etc.Mr. Gupta has served State Bank of India (SBI) group for more than 36years and held several key positions in SBI group including an overseasassignment of 4 years at SBI, Bahrain (OBU). During his association withSBI, Mr. Gupta was deputed as Managing Director of SBI FundsManagement Private Limited from May 2008 to January 2011. Prior tothis, Mr. Gupta was the Chief Operating Officer of SBI FundsManagement Private Limited since November 2005. He has also servedas Managing Director of State Bank of Patiala from April 2012 toNovember 2013.Mr. Gupta has served as Deputy Managing Director of IFCI Ltd fromDecember 2013 to December 2016. He was also on the Board ofAssociation of Mutual Funds in India (AMFI) and recently also served asindependent / non-executive director on the Boards of The South IndianBank Limited, Canara Robeco Asset Management Co. Limited andCapital India Finance Limited.Note:1. Dr. Archana Hingorani was appointed as an Independent Director on the Board of SBI MutualFund Trustee Company Private Limited (Trustee Company) w.e.f. July 09, 2020.2. Mr. Achal Kumar Gupta was appointed as an Associate Director on the Board of SBI Mutual FundTrustee Company Private Limited (Trustee Company) w.e.f. June 14, 2021.(ii) Supervisory role of the TrusteesThe Board of Directors of Trustee Company monitors the activities of the AMC. From time to time it seeksinformation from the AMC in the form of Performance Reports, Compliance Reports, etc. On a quarterlybasis, a review report is prepared by the AMC and the same is placed at the board meetings of the TrusteeCompany. Specific approval of the Trustees is also obtained on various important matters. The AuditCommittee, comprising of three directors of the board of the Trustee Company which has been constitutedpursuant to the SEBI circular MFD/CIR/010/024/ 2000 dated January 17, 2000 to, inter alia, review internalaudit systems and reports from internal and concurrent auditors. The Committee is chaired by anIndependent Director of the Company. In the last financial year 2020-21, the Board of Directors TrusteeCompany met 7 times.(iii) Duties and Obligations of Trustees and Substantial Provisions of the Trust Deed:The rights, duties and obligations of the Trustee including the following:Statement of Additional Information6
1)To enter into an investment management agreement with the AMC with the prior approval of SEBI.2)To ensure that the investment management agreement contains such clauses as are mentioned inthe Fourth Schedule of SEBI (Mutual Fund) Regulations, 1996 and such other clauses as arenecessary for the purpose of making investment.3)The trustees shall have a right to obtain from the asset management company such information as isconsidered necessary by the trustees.4)To ensure before the launch of any scheme that the AMC has: a) Systems in place for its back office, dealing room and accounting;b) appointed all key personnel including fund manager(s) for the scheme(s) and submitted their biodata which shall contain the educational qualifications, past experience in the securities marketwith the Trustee, within 15 days of their appointment;c) Appointed auditors to audit its accounts;d) Appointed a compliance officer who shall be responsible for monitoring the compliance of the Act,rules and regulations, notifications, guidelines, instructions, etc., issued by the Board or theCentral Government and for redressal of investors grievances;e) Appointed registrars and laid down parameters for their supervision;f) Prepared a compliance manual and designed internal control mechanisms including auditsystems;g) Specified norms for empanelment of brokers and marketing agentsh) obtained, wherever required under these regulations, prior in principle approval from therecognised stock exchange(s) where units are proposed to be listed.4A) The compliance officer appointed under clause (d) of sub-regulation (4) shall immediately andindependently report to the Board any non-compliance observed by him.5)To ensure that the AMC has been diligent in empanelling the brokers, in monitoring securitiestransactions with brokers and avoiding undue concentration of business with any broker.6)To ensure that the AMC has not given any undue or unfair advantage to any associates or dealt withany of the associates of the asset management company in any manner detrimental to the interest ofthe Magnum / Unit holders.7)To ensure that the transactions entered into by the asset management company are in accordancewith SEBI (Mutual Fund) Regulations, 1996 and the scheme.8)To ensure that the AMC has been managing the mutual fund schemes independently of other activitiesand have taken adequate steps to ensure that the interests of investors of one scheme are not beingcompromised with those of any other scheme or of other activities of the asset management company.9)To ensure that all activities of the AMC are in accordance with the provisions of SEBI (Mutual Fund)Regulations, 1996.10) Where the Trustee have reason to believe that the conduct of business of the mutual fund is not inaccordance with SEBI (Mutual Fund) Regulations, 1996 and the scheme they shall forthwith take suchremedial steps as are necessary by them and shall immediately inform the SEBI of the violation andthe action taken by them.11) Trustees to file the details of his/her holdings in securities with the mutual fund on a quarterly basis.12) To be accountable for, and be the custodian of, the funds and property of the respective schemes andto hold the same in trust or the benefit of the unit holders in accordance with SEBI (Mutual Fund)Regulations, 1996 and the provisions of trust deed.13) To take steps to ensure that the transactions of the mutual fund are in accordance with the provisionsof the trust deed.Statement of Additional Information7
14) To be responsible for the calculation of any income due to be paid to the mutual fund and also of anyincome received in the mutual fund for the holders of the units of any scheme in accordance with SEBI(Mutual Fund) Regulations, 1996 and the trust deed.15) To obtain the consent of the Unit holders:i. whenever required to do so by the SEBI in the interest of the Magnum holders / Unit holders; orii. whenever required to do so on the requisition made by three fourths of the Magnum holders /Unit holders of any scheme; oriii. when the majority of the Trustee decide to wind up or prematurely redeem the units;15A) The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust orfees and expenses payable or any other change which would modify the scheme and affects theinterest of unitholders, shall be carried out unless,—(i) a written communication about the proposed change is sent to each unitholder and anadvertisement is given in one English daily newspaper having nationwide circulation as well asin a newspaper published in the language of region where the Head Office of the mutual fundis situated; and(ii) the unitholders are given an option to exit at the prevailing Net Asset Value without any exitload.16) To call for the details of transactions in securities by the key personnel of the AMC in his own nameor on behalf of the AMC and shall report to the SEBI, as and when required.17) To quarterly review all transactions carried out between the mutual fund, Asset Management Companyand its associates.18) To quarterly review the net worth of the AMC to ensure compliance with the threshold provided inclause (f) of sub-regulation (1) of regulation 21 of SEBI (Mutual Fund) Regulations, 1996 on acontinuos basis.19) To periodically review all service contracts such as custody arrangements, transfer agency of thesecurities and satisfy that such contracts are executed in the interest of the Unit holders.20) To ensure that there is no conflict of interest between the manner of deployment of its net worth bythe AMC and the interest of the Magnum holders / Unit holders.21) To periodically review the investor complaints received and the redressal of the same by the AMC.22) To abide by the Code of Conduct as specified in Part A of the fifth schedule of SEBI (Mutual Fund)Regulations, 1996.23) To furnish to the SEBI on a half yearly basis: -i. a report on the activities of the mutual fund;ii. a certificate stating that the Trustee have satisfied themselves that there have been no instancesof self dealing or front running by any of the Trustee, directors and key personnel of the AMC;iii. a certificate to the effect that the AMC has been managing the schemes independently of anyother activities and in case any activities of the nature referred to in clause (b) of regulation 24 ofSEBI (Mutual Fund) Regulations, 1996 have been undertaken by the AMC and has takenadequate steps to ensure that the interests of the Magnum holders / Unit holders are protected.24) The independent Trustee referred to in regulation 16 (5) shall give their comments on the reportreceived from the AMC regarding the investments made by the schemes in the securities of groupcompanies of the Sponsor.25) To maintain arms’ length relationship with other companies, or institutions or financial intermediariesor anybody corporate with which he may be associated.26) To ensure that no Trustee shall participate in the meetings of the board of Trustee or Trustee Companywhen any decisions for investments in which he may be interested are taken.Statement of Additional Information8
27) To furnish to the board of Trustee or trustee company particulars of interest which he may have in anyother company, or institution or financial intermediary or any corporate by virtue of his position asdirector, partner or with which he may be associated in any other capacity.28) To appoint a custodian and shall be responsible for the supervision of its activities in relation to themutual fund and shall enter into a custodian agreement with the custodian for this purpose.29) To ensure that the removal of a Trustee in all cases would require the prior approval of SEBI.30) To ensure that the Trustee may dismiss the AMC under the specific events only with the approval ofSEBI and in accordance with the SEBI Regulations.31) To forbid the acquisition of any asset out of the trust property which involves the assumption of anyliability which is unlimited and shall not result in encumbrance of the trust property in any way.32) To provide or cause to provide information to unitholders and SEBI as may be specified by SEBI.As per the sub-regulation (25) of Regulation 18, the Trustee shall exercise due diligence as under:A. General Due Diligence:a. The Trustee shall be discerning in the appointment of the directors on the Board of the assetmanagement company.b. Trustee shall review the desirability of continuance of the asset management company if substantialirregularities are observed in any of the schemes and shall not allow the asset management companyto float new schemes.c. The trustee shall ensure that the trust property is properly protected, held and administered by properpersons and by a proper number of such persons.d. The trustee shall ensure that all service providers are holding appropriate registrations from the Boardor concerned regulatory authority.e. The Trustee shall arrange for test checks of service contracts.f. Trustee shall immediately report to Board of any special developments in the mutual fund.B. Specific Due Diligence:The Trustee shall:a.b.c.d.Obtain internal audit reports at regular intervals from independent auditors appointed by the Trustee.Obtain compliance certificates at regular intervals from the asset management company.Hold meeting of Trustee at frequent intervals.Consider the reports of the independent auditors and compliance reports of Asset ManagementCompany at the meetings of Trustee for appropriate action.e. Maintain records of the decisions of the Trustee at their meetings and of the minutes of the meetings.f. Prescribe and adhere to a code of ethics by the Trustee, Asset Management Company and itspersonnel.g. Communicate in writing to the asset management company of the deficiencies and Checking on therectification of deficiencies.Notwithstanding the aforesaid, the Trustee shall not be held liable for acts done in good faith if they haveexercised adequate due diligence honestly.The independent Directors of the Trustee or AMC shall pay specific attention to the following, as may beapplicable, namely:a. The Investment Management Agreement and the compensation paid under the agreement.b. Service contracts with associates - whether the AMC has charged higher fees than outside contractorsfor the same services.c. Selection of the AMC's independent directors.d. Securities transactions involving associates to the extent such transactions are permitted.e. Selecting and nominating individuals to fill independent directors’ vacancies.Statement of Additional Information9
f.Code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by insidersin connection with personal securities transactions.g. The reasonableness of fees paid to Sponsors, AMC and any others for services provided.h. Principal underwriting contracts and their renewals.i. Any service contract with the associates of the AMC.iv. Modifications to the Trust DeedNo amendments to the Trust Deed will be carried out without the prior approval of SEBI and the Unitholders’ approval would be obtained where it affects the interests of the Unit holder.D.Asset Management Company (AMC)SBI Funds Management Private Limited (SBIFMPL) is a private limited company incorporated under theCompanies Act, 1956 on February 7, 1992, having its Registered Office at 9th Floor, Crescenzo, C-38 &39, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051. SBIFMPL has been appointed asthe Asset Management Company of the SBI Mutual Fund by the Trustee vide Investment ManagementAgreement (IMA) dated May 14, 1993 and also a supplemental IMA thereto on April 28, 2003 and thesame have been replaced by Restated and Amended Investment Management Agreement entered intobetween SBIMFTCPL and SBIFMPL on December 29, 2004.As per the audited accounts on 31st March, 2021, the authorized capital of the AMC was Rs. 52.50 crores,paid-up capital was Rs. 50.09 crores and the Networth of the AMC was Rs.2352.13 Crores. SBI FMPL isa joint venture between State Bank of India (SBI) and AMUNDI Asset Management (erstwhile AmundiS.A.), a leading European asset management company. A shareholder agreement in this regard has beenentered on April 13, 2011 between SBI & AMUNDI Asset Managemet. Accordingly, SBI currently holds62.8837% stake in SBIFMPL and the 36.9317% stake is held by AMUNDI Asset Management through awholly owned subsidiary, Amundi India Holding. Initially this holding was held by Societe Generale AssetManagement S.A. (“SGAM”), a subsidiary of Societe Generale S.A (“SG”) which was transferred to Amundiin June 2011 with due approval of SEBI pursuant to SEBI (Mutual Funds) Regulations, 1996. AMUNDIAsset Management shall provide strategic support to the Company. SBI & AMUNDI Asset Managementshall jointly develop the Company as an asset management company of international repute by adoptingglobal best practices and maintaining international standards.In terms of Investment Management Agreement, SBIFMPL has assumed the day to day investmentmanagement of the fund and in that capacity makes investment decisions and manages the SBI MutualFund schemes in accordance with the scheme objectives, Trust Deed, provisions of InvestmentManagement Agreement and SEBI Regulations & Guidelines.In addition to the investment management activity, SBI Funds Management Private Limited has also beengranted a certificate of registration as a Portfolio Manager with Registration Code INP000000852.Apart from this, SBI Funds Management Private Limited has received an ‘In-principle’ approval from SEBIfor SBI Resurgent India Opportunities Fund (Offshore Fund) vide letter no. IMD/RK/53940/2005 datedNovember 16, 2005.SBI Funds Management Private Limited is also acting as Investment Manager of SBI Alternative EquityFund which is registered with SEBI vide SEBI Registration number: IN/AIF3/15-16/0177, as a category IIIAlternative Investment Fund and SBI Alternative Debt Fund which is registered with SEBI vide Registrationnumber: IN/AIF2/18-19/0563 as a category II Alternative Investment Fund under SEBI (AlternativeInvestment Funds) Regulations, 2012.SBI Funds Management Private Limited has also obtained approval for providing the management andadvisory services to Category I foreign portfolio investors and Category II foreign portfolio investorsthrough fund manager(s) managing the schemes of the SBI Mutual Fund as permitted under Regulation24(b) of the SEBI (Mutual Funds) Regulations, 1996, as amended from time to time (“the Regulations”).While, undertaking the said Business Activity, the AMC shall ensure that (i) any conflict of interest with theactivities of the Fund will be avoided; (ii) there exists a system to prohibit access to insider information asenvisaged under the Regulations; and (iii) Interest of the Unit holder(s) of the Scheme of the Mutual Fundare protected at all times.Statement of Additional Information10
SBI Funds Management Private Limited has received approval from Development Commissioner, SpecialEconomic Zone, vide Letter of Approval dated March 19, 2021 for setting up branch office (IFSC unit) inGIFT city – multi-services – Special Economic Zone for providing Portfolio Management Services andInvestment Management activities / services for pooled assets. International Financial Services CentresAuthority (IFSCA) has granted certificate of registration dated May 04, 2021 to SBI Funds ManagementPrivate Limited to carry out the activities of Portfolio Management services through a branch office inInternational Financial Services Centres (I
The State Bank of India 'SBI' having its Corporate Office at State Bank Bhavan, Madame Cama Road, Mumbai - 400 021, is the largest public sector bank with 22,219 branches in India and 229 foreign offices spread over 31 countries (as on March 31, 2021), the largest overseas network among all Indian banks.
