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This RegDEEP™ (Regulatory Decoding & Explanation for Exam Purpose™) explains how SEBI’s additional incentive framework transforms mutual fund distribution into a true win–win: higher earning potential for distributors, deeper investment penetration in B-30 cities, and greater participation by women investors -collectively strengthening Bharat’s financial inclusion agenda, capital-market depth, and long-term growth vision.
It includes a detailed clause-by-clause explanation, fully optimized for NISM-Series-V-A and NISM-Series-V-B exam preparation, complete with scenario-based expected questions and an illustrated annual earning potential of over ₹5.5 lakh+ (Around ₹50,000 per month) for MFDs.
A dedicated illustration is also provided for Hindi-speaking professionals in B-30 cities preparing for the NISM V-A exam in Hindi Medium, enabling them to understand the opportunity and get motivated to clear the exam with confidence along with a detail illustration explaining a fundamental question "Ek MFD Mahine Mein Kitna Extra Kama Sakta Hai?".
Why This Circular Is a Big, Happy Shockwave for Mutual Fund Distributors
For years, Mutual Fund Distributors (MFDs) have heard one line again and again: “Push long-term money, serve small towns, empower new investors - it’s good for the country.”
Now SEBI has turned that moral incentive into a money incentive.
This circular creates a new, focused earning opportunity for:
- Existing distributors
- Aspiring distributors preparing for NISM-Series-V-A & V-B
Especially those who can reach:
- New investors from B-30 cities
- New women investors from any city
This is not just about extra commission. It’s:
- 🟣 A boost for your own income
- 🟣 A push for B-30 financial inclusion
- 🟣 A lever for women’s financial empowerment
- 🟣 A real tool for Bharat’s 5 trillion economy + Viksit Bharat vision
You’re literally being paid to participate in nation-building.
We’ll decode the circular using RegDEEP™, then show four illustration examples of how much extra you can potentially earn along with expected sample questions for MFD exam. But before that, let’s address, What are the real problems MFDs silently struggle with? -and How this new piece of information can finally solve those emotional and practical challenges?
आम जीवन में हम “Liquidity”, “Volatility”, “Risk”, “NAV” जैसे English शब्द सुनते हैं। लेकिन यही concepts जब परीक्षा में “तरलता”, “अस्थिरता”, “जोखिम”, “शुद्ध परिसंपत्ति मूल्य” जैसे हिन्दी शब्दों में आते हैं, तो ज्यादातर विद्यार्थी उलझ जाते हैं। डरो मत! आप अकेले नहीं हो - यही 92% B-30 Hindi-first छात्रों की सबसे बड़ी चुनौती है।
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The Real Questions Every MFD Asks -Finally Answered
This circular doesn’t just boost earnings -it unlocks solutions to the real, day-to-day problems MFDs quietly struggle with.
How to build trust with investors?
Show them that their investment doesn’t only secure their future—it directly strengthens Bharat’s financial system, B-30 inclusion, and women’s participation. When clients feel they are contributing to a national mission, trust builds naturally.
How to educate clients about mutual funds?
Simplify concepts using relatable examples and connect each product to Bharat’s broader growth story - “Your SIP is not just saving, it’s funding Bharat’s progress.” This makes learning meaningful and memorable.
How to attract your first clients as a new MFD?
Start with a purpose-led pitch: “I help new investors grow wealth while contributing to Bharat’s 5-trillion economy vision.” This instantly differentiates you from transactional distributors, enabling you to stand out from the crowd.
Building trust as a beginner distributor
Use transparency + small-town advantage. Tell clients you are aligned with SEBI’s new incentive model designed exactly to support fresh investors like them in B-30 and women segments.
How can I stand out in a crowded MFD market?
Lead with education, solutions, and purpose -sales become a natural byproduct. Your USP becomes: “I help new investors join Bharat’s financial revolution.” Very few distributors use nation-building as their positioning strategy, and you will instantly stand out from the crowd by doing so.
Lack of financial literacy among clients?
Turn this into your strength—teach basic concepts in the simplest language possible, especially in Hindi for B-30 cities. When people finally understand mutual funds, YOU become the trusted face behind their learning.
How to educate investors about mutual funds?
Link every concept to a real benefit: wealth creation, daughters’ education, retirement dignity, and Bharat’s growth. People learn faster when they see the “why” behind the numbers.
Emotion creates motivation; clarity creates success. Now, let’s decode the circular so you become both exam-ready (NISM VA & NISM VB) and industry-ready. Using RegDEEP™, we’ll break down every clause so you understand exactly what SEBI has changed -and how each change directly benefits you.
SEBI Circular Explained: Additional Incentives for Mutual Fund Distributors - B-30 & Women Investors (RegDEEP™ Decoding for NISM V-A & V-B)
SEBI Circular Explained: Additional Incentives for Mutual Fund Distributors - Navigation
- Circular Title & Regulatory Reference
- Snapshot Summary (Plain-Language Digest)
- Background & Context
- Clause-by-Clause Breakdown (RegDEEP™ Core)
- Four Earning Illustrations for Distributors
- Annual Income Projection for Hindi Medium Aspirants
- Why B-30 Cities Should Celebrate
- Hindi Medium MFD Exam Prep
- Exam Relevance Mapping
- Industry Impact & Real-World Application
- Why This Matters for Learners
- Key Takeaways (Quick Revision Sheet)
- Sample Questions (Exam Practice)
- FAQs
- Glossary- SEBI's Nov 2025 Circular: Additional Incentives for MFDs
- B-30 BHARAT- Successful Mutual Fund Distributor कैसे बनें? आपकी Mutual Fund Vocabulary
- Official Resources & Downloads
1. Circular Title & Regulatory Reference
Title: Additional incentives to distributors for onboarding new individual investors from B-30 cities and women investors
Date: November 27, 2025
Issued By: SEBI - Investment Management Department
Legal Base: Regulation 52(4A) & Regulation 77 of SEBI (Mutual Funds) Regulations, 1996
How does SEBI’s November 2025 circular create new additional incentive opportunities for mutual fund distributors?
SEBI’s November 2025 circular doesn’t just change commission rules -it opens a brand-new earning avenue for distributors who help bring first-time investors into Bharat’s mutual fund ecosystem. By rewarding onboarding in B-30 cities and among women investors, SEBI is tying distributor income directly to financial inclusion and national growth.
Iss circular ne aapke kaam ko reward me badal diya hai -naye B-30 aur mahila investors ko onboard karne par ab seedha extra incentive milega. Yani paisa bhi badhega, aur India ka investor base bhi.
What changed in the regulatory framework?
SEBI has deleted the older, more complex B-30 incentive structure and introduced a simpler, targeted incentive architecture under Regulation 52(4A). Instead of broad, sometimes misused incentives, the focus is now clearly on new PAN investors from B-30 and new women investors, with defined caps and conditions.
Who exactly qualifies for this additional commission?
All active MFDs who contribute to expanding the mutual fund investor base are eligible. The rule clearly states that only new individual investors -identified through a new PAN at the mutual fund industry level -qualify. Within this, SEBI highlights two priority categories
- New individual investors from B-30 cities, and
- New women individual investors from any city (Top-30 or B-30).
This means you are rewarded for expanding the mutual fund universe -not for simply switching or churning existing investors. Matlab incentive tabhi milega jab investor bilkul naya ho -jiska PAN pehli baar mutual fund industry mein register ho raha ho.
How is this linked to Bharat’s larger economic and social goals?
By offering incentives to motivate you to onboard new B-30 and women investors, SEBI is directly supporting:
- Financial inclusion in smaller towns and growth centers
- Women’s financial empowerment across all cities
- Capital formation and long-term savings moving into productive investments
This is exactly the kind of participation India needs to strengthen its claim as a global investment hub, to power a 5 trillion-dollar economy, and to realize the Viksit Bharat vision where growth is broad-based and inclusive.
Matlab aapka ek naya investor onboard karna = aapki income + India ka financial future majboot + B-30 uplift + women empowerment = 4-in-1 ek saath.
What is the benefit for NISM V-A & V-B learners?
For NISM V-A & V-B aspirants, this circular is a live, current example of:
- Trail commission vs additional commission
- B-30 incentives and how SEBI reshapes them over time
- How distributor revenue aligns with SEBI’s investor-first policy
- Commission disclosure and financial inclusion concepts under Unit 6 of NISM V-A & NISM V-B Test Objectives
You can now connect your syllabus lines like “Additional commission for promoting mutual funds in small towns” directly with this exact circular.
Matlab ye circular NISM V-A & V-B learners ke liye ek live example hai jisme trail vs additional commission, B-30 incentives, SEBI ka investor-first logic aur NISM-Series-V-A test objective Unit-6 ke pura syllabus real life mein dikh jata hai aur samjha bhi deta hai.
NOTE: Expected sample questions are included in this article
3. Snapshot Summary
- Old B-30 incentive model under earlier regulations has been replaced with a new, focused incentive framework under Regulation 52(4A).
- Additional incentives are paid only for new PAN investors from B-30 cities and new women investors from any city.
- For eligible lump-sum investments: distributors earn 1% of the first investment amount, capped at ₹2,000, with a minimum holding period of one year.
- For eligible SIPs: distributors earn 1% of total first-year SIP contributions, capped at ₹2,000.
- These incentives are paid from the 2 bps investor education / inclusion pool, not directly via front-loads.
- Additional incentives are over and above trail commission, but dual incentives for the same investor/investment are not permitted.
- Short-term and ultra-liquid schemes are excluded to encourage long-term, goal-based investing.
- Implementation is industry-wide, with AMFI coordination and standardization, effective from February 1, 2026.
Matlab मोटी मोटी बात सिर्फ इतनी सी है ki naye B-30 (छोटे शहरों ) aur women investors ko long-term schemes mein laane par MFDs ko trail ke saath 1% extra incentive milega, (₹2,000 tak), Feb 2026 se. Jo bhi MFD naye investors ko mutual funds mein laaye, unhe trail ke upar 1% extra earning ka naya mauka mil gaya, ₹2,000 cap ke saath.
4. Background & Context
Earlier, SEBI allowed B-30 incentives in a broader form, which, over time, raised concerns about misuse, misaligned selling, and unintended behaviors. At the same time, SEBI and the industry understood that Bharat’s long-term growth depends on two big inclusion goals:
- deeper mutual fund penetration in B-30 cities (छोटे शहरों ), and
- stronger participation from women investors.
Instead of a wide, loosely targeted B-30 incentive, SEBI has now redesigned the approach into a sharp, accountable, and cap-based incentive that directly rewards you for bringing in first-time investors where India needs growth the most. This fits perfectly into the narrative of Bharat’s journey towards a 5 trillion-dollar economy and a Viksit Bharat, where household savings move from idle or informal instruments to regulated, market-based investments.
Matlab purane broad B-30 incentives ki jagah ab SEBI ne ek focused aur cap-based reward system diya hai, jo naye B-30 aur women investors ko onboard karne par seedha incentive deta hai -bilkul India ke 5-trillion & Viksit Bharat vision ke hisaab se.
5. Clause-by-Clause Breakdown
5.1 Eligible Investors - Who Qualifies?
The circular defines two key eligible groups:
- New individual investors (new PAN) from B-30 cities, identified at the industry level.
- New women individual investors (new PAN) from any city - both Top-30 and B-30.
Simple meaning: You get incentivized for expanding the MF universe by bringing in
5.2 Incentive Structure - How Much Can You Earn?
Lump Sum Investments:
- 1% of the first application amount,
- Maximum additional incentive = ₹2,000,
- Investor must stay invested for at least one year.
SIP Investments:
- 1% of the total SIP amount invested in the first year,
- Maximum additional incentive = ₹2,000.
Simple meaning: You earn one-time extra income per eligible investor, whether they invest through lump sum or a first-year SIP, with a clear monetary ceiling of maximum ₹2,000.
5.3 Source of Payment - Where Does the Money Come From?
The additional incentive is paid from 2 bps (0.02%) on daily net assets that AMCs already set aside for investor education, awareness, and financial inclusion. This pool is monitored and subject to clawback if misused.
Simple meaning: This is not a hidden load on investors - it comes from a pre-defined, regulated education/inclusion budget.
Matlab aapko (MFD) LS ya SIP dono par jo 1% (₹2,000 cap) ka one-time extra milega wo paisa investor se nahi liya jayega -ye AMC ke education/inclusion fund se ayega, Ye koi hidden charge nahi hoga. Yeh line client ka trust jeetne mein aapko sabse zyada madad karegi.
5.4 Relationship with Trail Commission - Is This Extra?
The circular clearly states that the additional incentive is over and above the normal trail commission that distributors receive from schemes. Your long-term income from trail remains, and this incentive sits on top as a reward for onboarding the right type of new investors.
Matlab trail ko touch nahi kiya gaya wo safe aur chalti hi rahegi, - Ye upar se 1% ka bonus add kar diya, sirf isliye taki aap sahi naye investors ko system mein lao.
5.5 No Dual Incentives - One Investor, One Incentive
While a distributor could be eligible to handle both B-30 and women investors, the circular does not allow dual incentives for the same investor or for the same investment. You must ensure that each eligible case is mapped to a single incentive category.
Simple meaning: No double-dipping. Integrity and clarity are non-negotiable.
Matlab same investor par do incentive allowed nahi -ek hi category choose karni hogi (B-30 ya Women -dono nahi).
Example: Agar Priya pehli baar invest kar rahi hai aur B-30 se bhi hai, mahila bhi -toh reward ek hi category se milega, us par aap sirf “Women” ya “B-30” incentive claim kar sakte ho, dono ek saath nahi.
5.6 Schemes Excluded - What Is NOT Covered?
The following are not eligible for additional incentives:
- Exchange Traded Funds (ETFs)
- Certain domestic Funds of Funds (with specific allocation patterns)
- Short-duration schemes with minimum holding requirements of less than one year such as:
- Overnight funds
- Liquid funds
- Ultra short duration funds
- Low duration funds
Simple meaning: SEBI wants incentives to support long-term investing behavior, not money parking.
Matlab ETFs, FOFs aur short-term/overnight type funds par koi extra incentive nahi -reward sirf long-term investing ko push karne ke liye hai, money-parking ke liye nahi.
5.7 Implementation & Effective Date
AMFI has been tasked with issuing uniform implementation standards and clarifications. The circular comes into effect from February 1, 2026, ensuring a clear transition window for AMCs, RTAs, and distributors to adjust systems and disclosures.
6. Euphoric Movement: Four Earning Illustrations for Distributors
Disclosure: The following illustrations are for educational and explanatory purposes only. Actual commissions and eligibility will depend on AMC implementation, regulatory clarifications, and investor behavior.
Example 1 - B-30 City (New PAN) - Lump Sum ₹2,00,000
- Investor: New individual from a B-30 city (new PAN).
- Investment: ₹2,00,000 lump sum in an eligible long-term scheme.
- Additional incentive: 1% of ₹2,00,000 = ₹2,000 (hits the cap).
- Condition: Investor remains invested for at least 1 year.
If you onboard just 10 such investors in a year, your additional income can be about ₹20,000, apart from your normal trail - purely for helping fresh B-30 investors start their mutual fund journey.
Example 2 - B-30 City (New PAN) - SIP ₹10,000 per Month
- Investor: New individual from B-30 city with a new PAN in MF industry.
- Investment: ₹10,000 SIP per month > ₹1,20,000 contribution in first year.
- Additional incentive: 1% of ₹1,20,000 = ₹1,200 (below ₹2,000 cap).
If you help 25 new B-30 investors start such SIPs, that is 25 × ₹1,200 = ₹30,000 extra, while also building a strong trail commission base for future years as their wealth grows.
Example 3 - Women Investor (Any City, New PAN) - Lump Sum ₹2,00,000
- Investor: New woman investor (new PAN) from any city - Top-30 or B-30.
- Investment: ₹2,00,000 lump sum in an eligible scheme.
- Additional incentive: 1% of ₹2,00,000 = ₹2,000 (cap reached).
Imagine designing a “Women Wealth Circle” campaign and onboarding 15 such women in a year. That alone could contribute an extra ₹30,000 - along with the satisfaction of helping women take charge of their money.
Example 4 - Women Investor (Any City, New PAN) - SIP ₹10,000 per Month
- Investor: New woman investor from any city with a new PAN.
- Investment: ₹10,000 SIP per month > ₹1,20,000 in first year.
- Additional incentive: 1% of ₹1,20,000 = ₹1,200.
If you support 30 working women to start such disciplined SIPs, your additional incentive in the first year could be ₹36,000, alongside building a long-term client base that naturally increases your trail income.
Put together, these incentives can power a genuine movement: Distributors earn more > B-30 cities invest more > women control more capital > Bharat’s markets deepen > Viksit Bharat gets closer.
Matlab aap earn karo, B-30 (छोटे शहरों) grow kare, women lead kare -aur India seedha Viksit Bharat ki side move kare.
7. Ek MFD Mahine Mein Kitna Extra Kama Sakta Hai? (Monthly Action > Annual Earnings)
To help you visualise the real earning power under SEBI’s November 2025 circular, here is a high-clarity annual projection.
This assumes an MFD onboards every month:
✅ 10 B-30 lump-sum investors
✅ 20 B-30 SIP investors
✅ 10 Women (any city) lump-sum investors
✅ 20 Women (any city) SIP investors
| Category | Vol / Month | Extra Incentive / Month ** |
Extra Incentive / Year ** |
|---|---|---|---|
|
B-30 City (New PAN, LS) |
10 investors ₹2L each |
₹20k (10 × ₹2L × 1%) |
₹2.4L (₹20k × 12) |
|
B-30 City (New PAN, SIP) |
20 SIP ₹2k/month |
₹4.8k (((20×2000)×12)×1%) |
₹57.6k (₹4.8k × 12) |
|
Women - Any City (New PAN, LS) |
10 investors ₹2L each |
₹20k (10 × ₹2L × 1%) |
₹2.4L (₹20k × 12) |
|
Women - Any City (New PAN, SIP) |
20 SIP ₹2k/month |
₹4.8k (((20×2000)×12)×1%) |
₹57.6k (₹4.8k × 12) |
| TOTAL (All 4 Flows) | ₹49.6k / month ** | ₹5.95L / year ** | |
**NOTE: Please remember SEBI’s condition - “Subject to remain invested for 1 year.” This means the monthly or annual incentive cash flow shown in the illustration will start only after the investor completes the 1-year holding period.
Matlab simple bhaasha mein: investor ka 1 saal invested rehna must hai; iske baad hi aapka ye extra reward unlock hota hai -aapko ye bonus earning ek sal bad se start hogi aur aap ko agle sal se milna suru hojayegi.
Disclosure: This table is an illustrative projection for educational purposes. Actual incentives depend on AMC policies, investor retention for 1 year, and regulatory clarifications.
Illustration dekh li? अब अपनी Mutual Fund Vocabulary को और मजबूत बनाने के लिए Glossary: B-30 MF Dictionary™ देखें।
8. Why B-30 Cities Should Celebrate: This is Your Moment
Under this circular, B-30 (छोटे शहरों के) distributors aur Aspirants (NISM V-A ke उम्मीदवारों) suddenly stand in the sweetest spot of all.
You have access to:
🟣 New investors who get priority
🟣 Higher incentives for small-town penetration
🟣 Massive demand for Hindi-medium guidance
🟣 First-mover advantage in untouched districts
This is why Hindi-medium candidates from B-30 cities now have the highest chances unlock this opportunity in:
✅ NISM-Series-V-A (Mutual Fund Distributors)
✅ NISM-Series-V-B (Mutual Fund Foundation)
And once certified, you immediately unlock this ₹5.95 lakh/year opportunity -plus your normal trail, plus long-term client expansion.
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10. NISM-V-A & V-B Exam Mein SEBI ke “Additional Incentives – B-30 & Women Investors” Circular Ka Kya Impact Hai?
Let’s understand how SEBI’s Nov 2025 circular on Additional Incentives (B-30 & Women Investors) directly impacts the NISM-Series-V-A and NISM-Series-V-B exam syllabus.
Primary Exam 1: NISM-Series-V-A - Mutual Fund Distributors
Unit 6: Fund Distribution and Channel Management Practices
- 6.5 Explain Revenue for a mutual fund distributor
- 6.5.1 Concept of Trail Commission -this circular underlines that additional incentives are over and above trail, helping you see trail as the core long-term income.
- 6.5.2 Additional commission for promoting mutual funds in small towns -this circular is the updated, concrete embodiment of “small towns = B-30” incentive framework.
- 6.6 Commission Disclosure mandated by SEBI -although investors are not directly front-loaded, AMCs and distributors must clearly communicate how and why these incentives operate, upholding SEBI’s disclosure philosophy.
Primary Exam 2: NISM-Series-V-B - Mutual Fund Foundation
UNIT 6: FUND DISTRIBUTION AND CHANNEL MANAGEMENT PRACTICES
- 6.5 Revenue for a mutual fund distributor
- 6.5.1 Concept of Trail Commission -base revenue concept.
- 6.5.2 Additional commission for promoting mutual funds in small towns -now exemplified by this new B-30 incentive model.
- 6.5.3 Transaction charges -separate but related cost element; exam questions may contrast /twist them with these incentives.
- 6.5.4 Applicability of GST on distributors commission -additional incentive income is also subject to GST rules as commission.
- 6.6 Commission Disclosure mandated by SEBI -understanding how incentives align with investor education and inclusion is critical for exam questions on ethics and transparency.
11. Industry Impact: How SEBI’s New Incentives Change Real-World Mutual Fund Distribution
- For AMCs: A focused incentive lever that directly supports first-time investor acquisition where penetration is low.
- For Distributors: A structured way to increase income by targeting B-30 cities and women investors with long-term products.
- For B-30 Cities: More local distributors motivated to educate, onboard, and service new investors - bringing capital to new growth centers.
- For Women Empowerment: A financial nudge that encourages distributors to treat women as primary investors, not just secondary decision makers.
- For Bharat’s Macro Story: A stronger mutual fund culture in smaller towns and among women ultimately drives domestic capital formation - a must-have for the 5 trillion economy and Viksit Bharat narrative.
12. Why This Matters for Learners & Aspirants
- You see how “fund distribution” chapters are not abstract - they translate into real SEBI circulars and income structures.
- You get a ready-made case study for interviews, group discussions, and role plays in AMC/distributor roles.
- You can anticipate exam questions that test your understanding of B-30, additional commission, and financial inclusion.
- You learn how SEBI constantly balances incentives with investor protection - a core theme across NISM exams.
13. Key Takeaways (Quick Revision Sheet)
- SEBI’s November 27, 2025 circular introduces targeted additional incentives for mutual fund distributors.
- Eligible categories: new B-30 investors (new PAN) and new women investors (new PAN) from any city.
- Incentive: 1% of first lump sum or total first-year SIP, capped at ₹2,000 per eligible investor, with a one-year holding requirement for lump sums.
- Incentive is paid from the 2 bps investor education/inclusion pool and is over and above trail.
- Short-term and certain categories (ETFs, some FoFs, overnight/liquid/ultra-short/low duration) are excluded.
- No dual incentive for the same investor/investment - one investor, one incentive.
- The circular directly supports B-30 penetration, women’s financial empowerment, and Bharat’s 5 trillion economy & Viksit Bharat vision.
- Highly relevant for NISM-Series-V-A and NISM-Series-V-B under Unit 6 on distributor revenue and commission disclosure.
14. NISM V-A/V-B Expected Questions: SEBI ke New B-30 & Women Incentive Rules se Kaise Sawal Aa Sakte Hain?
MCQ 1
Under the SEBI 2025 circular, what is the maximum additional commission a distributor can earn for a single eligible investor via lump sum investment?
A. ₹1,000
B. ₹1,500
C. ₹2,000
D. ₹2,500
Correct Answer: C. ₹2,000
MCQ 2
Which of the following investors is eligible for the additional incentive?
A. Existing investor from a Top-30 city increasing SIP amount
B. New woman investor from a Top-30 city with a new PAN
C. Corporate investor from a B-30 city
D. Existing investor from a B-30 city doing a switch
Correct Answer: B. New woman investor from a Top-30 city with a new PAN
MCQ 3
The additional incentive is funded from:
A. A higher TER specifically charged to eligible investors
B. Exit loads collected from all schemes
C. The 2 bps investor education and financial inclusion pool
D. AMC’s shareholder reserves only
Correct Answer: C. The 2 bps investor education and financial inclusion pool
Scenario Question
A new investor from a B-30 city starts a SIP of ₹10,000 per month in an eligible scheme and continues for 12 months. What is the additional incentive you may earn?
Solution: First-year SIP contribution = ₹10,000 × 12 = ₹1,20,000 > 1% = ₹1200, which is below the ₹2,000 cap. So, your additional incentive = actual = ₹1200, plus normal trail.
A new investor from a B-30 city starts a SIP of ₹20,000 per month in an eligible scheme and continues for 12 months. What is the additional incentive you may earn?
Solution: First-year SIP contribution = ₹20,000 × 12 = ₹2,40,000 > 1% = ₹2400, which is above the ₹2,000 cap. So, your additional incentive = cap = ₹2000, plus normal trail.
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12. FAQs SEBI Nov 2025 MFD Circular on Additional incentives to Mutual Fund Distributors
Q1: Is this additional commission recurring every year?
No. The additional incentive is essentially a one-time reward linked to the first lump-sum contribution or total first-year SIP contributions by an eligible new investor. Your normal trail commission continues for subsequent years, but this special incentive does not repeat every year for the same investor.
Q2: Can the same new woman investor provide both a B-30 and a women incentive?
No. Even if an investor happens to be a woman from a B-30 city, the circular does not allow dual incentives for the same investor or investment. AMCs and distributors must classify that investor under a single applicable category and ensure only one additional incentive is paid.
Q3: Does this mechanism reduce investor returns like a load?
The incentive is paid from the 2 bps education/inclusion pool that AMCs already set aside each year under SEBI guidance. It is not structured as a traditional front-load directly charged to the investor’s transaction. However, learners should understand that all costs in the system ultimately need to remain efficient and justified as per SEBI’s investor protection mandate.
Q4: Are all schemes eligible for this additional commission?
No. Schemes such as ETFs, specific domestic FoFs, and short-term duration products (overnight, liquid, ultra-short duration, low duration) are excluded. The incentive is clearly targeted at longer-term, goal-based mutual fund schemes that support wealth creation and deepen long-term participation in capital markets.
13A. Glossary: SEBI Nov 2025 MFD Circular on Additional incentives to Mutual Fund Distributors
B-30 Cities:
Cities and towns that are ranked beyond the top 30 in terms of mutual fund assets or penetration. SEBI uses this classification to design incentives and campaigns to increase mutual fund adoption in lower-penetration geographies and support balanced economic growth.
Top-30 Cities:
The leading 30 cities of India where mutual fund assets, distributor networks, and investor participation are already relatively high. These are typically metros and large urban centers, often treated differently from B-30 in SEBI’s regulatory framework.
Additional Commission:
A special, conditional incentive that distributors receive over and above standard trail commissions. It is linked to specific regulatory goals - in this case, onboarding new investors from B-30 cities and new women investors - and is subject to strict caps, eligibility criteria, and compliance checks.
New PAN Investor:
An investor whose PAN (Permanent Account Number) is being linked to the mutual fund industry for the very first time. For this circular, only such investors in specified categories qualify for the additional incentive, ensuring that the scheme truly rewards fresh participation instead of reshuffling existing investments.
2 bps Investor Education/Inclusion Pool:
A mandatory allocation by AMCs of 2 basis points of daily net assets that is used for investor education, awareness, and financial inclusion activities. SEBI’s circular uses this pool as the funding source for targeted incentives, thereby aligning distributor compensation with measurable inclusion outcomes.
13B. Glossary: Successful Mutual Fund Distributor कैसे बनें? आपकी Mutual Fund Vocabulary ही आपकी पहचान बनाती है
Safal NISM V-A परीक्षा पास करने का सबसे सीधा जवाब आपकी Mutual Fund Vocabulary कितनी मजबूत है -यही तय करती है कि आप प्रश्न को कितना सही समझते हैं, विकल्पों में अंतर पहचानते हैं और कठिन concepts को कितनी तेजी से याद रख पाते हैं। परीक्षा में सफलता सिर्फ रटने से नहीं, बल्कि सही शब्दों की सही समझ से मिलती है।
उदाहरण के लिए -सवाल अगर “Solution-Oriented Funds” या “Children’s Mutual Funds” से आता है, तो इसे एक साधारण Equity Fund समझना गलती कर देगा। इसी तरह “Debt Funds” में Duration Risk, Credit Risk और Interest Rate Impact को स्पष्ट रूप से समझना कई tricky MCQs में आपको बढ़त देता है।
असल अंतर यहाँ आता है -official English terms को सही संदर्भ में पहचानना और उन्हें दिमाग में साफ हिन्दी अर्थ के साथ जोड़कर समझना। यही bilingual clarity आपकी concepts को मजबूत बनाती है और confusing options में फ़र्क करने की क्षमता बढ़ाती है।
इसीलिए NISM परीक्षा में उच्च स्कोर पाने, tricky MCQs को confidently attempt करने और real-life examples को concept से जोड़ने के लिए आपकी in-depth Mutual Fund Vocabulary का मजबूत होना सबसे ज़रूरी है। यही आपकी तैयारी को भीड़ से अलग और अधिक प्रभावी बनाता है।
आइए, अब अपनी Mutual Fund Vocabulary को और ज़्यादा ताक़त देते हैं।
Hindi:
विभिन्न एसेट क्लास जैसे इक्विटी, डेट, गोल्ड आदि में निवेश को बाँटने की प्रक्रिया, ताकि जोखिम नियंत्रित रहे और लक्ष्य के अनुसार संतुलित रिटर्न मिले। निवेशक की जोखिम-प्रोफ़ाइल और समयावधि के अनुसार उचित आवंटन चुना जाता है।
English:
The process of distributing investments across asset classes such as equity, debt and gold to balance risk and return. Allocation aligns with the investor’s risk profile, financial goals and investment horizon.
Simple hai - Asset Allocation matlab “sab ande ek tokri mein mat daalo.” Agar aap sirf equity mein डालोगे aur market gir gaya, to pura portfolio hil jayega. Equity + debt + gold mix rakhoge to portfolio har situation mein zyada stable rahega.
Hindi:
वह संस्था जो म्यूचुअल फ़ंड स्कीमों का संचालन करती है, पोर्टफोलियो बनाती है, निवेश निर्णय लेती है और नियामक नियमों का पालन सुनिश्चित करती है। AMC निवेशकों की ओर से धन का प्रबंधन करती है।
English:
An institution that manages mutual fund schemes, constructs portfolios, makes investment decisions, and ensures regulatory compliance. The AMC manages investor money professionally.
Matlab, AMC aapka “professional money manager” hai. Aap office jao, so jao, travel karo - AMC ki research team roz market dekhkar aapke paise ko sahi jagah lagati hai.
Hindi:
ऐसी स्कीम जहाँ फंड मैनेजर बाजार को मात देने हेतु शोध, चयन और सक्रिय निर्णयों से पोर्टफोलियो बनाते हैं। रिटर्न फंड मैनेजर की दक्षता पर निर्भर रहता है।
English:
A fund where the manager attempts to outperform the market through research, security selection and active decisions. Performance depends on the manager’s skill.
Bole toh, Active Fund mein fund manager “market ko beat” karne ki full koshish karta hai. Agar research aur stock-picking strong hai, to index se zyada return kama sakta hai - warna underperform bhi ho sakta hai.
Hindi:
वह दर जिससे बहुवर्षीय या बहु-अवधि प्रतिलाभ को एक समान वार्षिक वृद्धि दर में बदला जाता है, ताकि तुलना सरल हो सके।
English:
The rate that converts multi-period returns into an equivalent annual growth rate, allowing easier comparison across investments.
In short, Annualized Return wo magic number hai jo multi-year gains ko ek simple yearly rate mein convert kar deta hai. Jaise 3 saal mein 33% total mila, roughly 10% per year samajh lo - comparison easy ho jata hai.
Hindi:
बेंचमार्क की तुलना में स्कीम द्वारा उत्पन्न अतिरिक्त प्रतिलाभ का मापन। सकारात्मक अल्फ़ा बेहतर प्रदर्शन का संकेत देता है।
English:
A measure of the excess return generated by a fund over its benchmark. Positive alpha indicates outperformance.
Sidhi bhasha mein, Alpha matlab “extra return.” Agar index 10% diya aur fund 13% laya, to 3% alpha hua. Positive alpha = fund manager ne apni fees justify kar di.
Hindi:
सरकारी या कॉरपोरेट बॉन्डों के समूह पर आधारित सूचकांक जो डेट स्कीमों का बेंचमार्क होता है। यह अवधि, ब्याज दर और क्रेडिट गुणवत्ता को दर्शाता है।
English:
An index representing a basket of government or corporate bonds used as a benchmark for debt funds. It reflects duration, interest rates and credit quality.
Matlab, Bond Index ek “reference basket” hai jisse pata chalta hai ki debt market kaisa perform kar raha hai. Debt fund ka performance dekhna ho, to usko apne bond index se compare karte hain.
Hindi:
स्कीम के रिटर्न की बाजार में उतार-चढ़ाव के प्रति संवेदनशीलता का मापन। 1 से अधिक बीटा उच्च अस्थिरता दिखाता है।
English:
Measures a fund’s sensitivity to market movements. A beta above 1 indicates higher volatility than the market.
Simple logic - Beta batata hai fund kitna “josh se hilta” hai market ke saath. Beta 1.5 hai matlab market 10% girta hai to fund approx 15% tak hil sakta hai - high thrill, high risk.
Hindi:
वह संदर्भ सूचकांक जिसके समक्ष स्कीम का प्रदर्शन तुलना किया जाता है, ताकि उसकी गुणवत्ता और सुसंगतता आँकी जा सके।
English:
A reference index used to compare a fund’s performance and evaluate consistency and quality.
Matlab, Benchmark woh “report card line” hai jisse fund ka number compare hota hai. Fund ne 12% diya, index ne 10% - to fund ne homework thoda better kiya; warna sirf market ki hawa mein hi chal raha hai.
Hindi:
किसी बॉन्ड से मिलने वाली वास्तविक आय का मापन, जो ब्याज भुगतान और वर्तमान कीमत दोनों पर आधारित होता है।
English:
A measure of the actual income earned from a bond, based on interest payments and current market price.
Sidha sa funda - Bond Yield matlab “iss bond se kitna percent kama raha ho.” Agar 1,000 ka bond har saal 80 de raha hai, to around 8% yield samajh lo, price change ke hisaab se adjust hota rahta hai.
Hindi:
रिटेल निवेशकों को स्कीम बेचने हेतु वितरकों को भुगतान किया जाने वाला शुल्क, जो नियमित प्लान के TER में शामिल होता है।
English:
Fees paid to distributors for selling mutual fund schemes to investors, included in the TER of regular plans.
Matlab, yeh woh “parde ke peeche ka cut” hai jo aapko dikhta nahi, par regular plan ke TER mein chhupa hota hai. Direct plan lene se ye commission bachkar aapke return ko direct boost de sakta hai.
Hindi:
यूनिट की बिक्री कीमत और खरीद कीमत के अंतर से प्राप्त लाभ। धारण अवधि के आधार पर इसे अल्पकालिक या दीर्घकालिक माना जाता है।
English:
Profit earned from the difference between sale price and purchase price of units. Classified as short-term or long-term based on holding period.
Simple hai - sasta kharido, mehenga becho = Capital Gain. Jaise 10 rupeey ki unit 15 par bechi, to 5 rupeey ka gain hua, jisme tax rules holding period ke hisaab se lagte hain.
Hindi:
जब बिक्री मूल्य, खरीद मूल्य से कम हो, तब अंतर को पूंजीगत हानि माना जाता है। इसे कर समंजनों में उपयोग किया जा सकता है।
English:
The loss arising when units are sold at a price lower than the purchase cost. It can be used for tax set-off.
Bole toh, ulta scene - mehenga kharida, sasta bechna pada, to Capital Loss. Ye dukh future capital gains ke tax ko kam karne mein kaam aa sakta hai, agar sahi planning karo.
Hindi:
यह जोखिम कि कोई जारीकर्ता समय पर ब्याज या मूलधन चुकाने में विफल हो सकता है, जिससे डेट स्कीम का NAV प्रभावित होता है।
English:
The risk that an issuer may default on interest or principal payments, impacting the NAV of debt schemes.
Sidhi bhasha mein, Credit Risk matlab “udhaar diya aur samay par na mile ka dar.” Agar company interest ya principal time se na de, to debt fund ka NAV seedha jhatka kha sakta hai.
Hindi:
AMC द्वारा ली जाने वाली प्रबंधन शुल्क, संचालन व्यय और अन्य शुल्कों का कुल प्रभाव जो निवेशक के प्रतिलाभ को घटाता है।
English:
Total expenses charged by the AMC including management fees and operational costs, reducing investor returns.
In short, TER wahi “chota chota karke bada nuksan” hai. 1% extra TER sunne mein chhota lagta hai, par 15-20 saal mein compounding se lakhon ka farq la sakta hai.
Hindi:
जब पोर्टफोलियो कुछ ही प्रतिभूतियों या सेक्टरों में केंद्रित हो, तो जोखिम बढ़ जाता है और गिरावट का असर ज्यादा होता है।
English:
Risk increases when a portfolio is concentrated in a few securities or sectors, amplifying negative impact.
Matlab, portfolio ka “sab kuch ek do shares ya sector par bet” kar dena. Agar wahi sector down chala gaya, to pura portfolio thak jayega - diversification yahin kaam aata hai.
इतना पढ़ते-पढ़ते अब तो काफी concepts crystal clear हो गए होंगे?
थोड़ासा confidence भी बढ़ा ना?
चलिए - अब 10% और confidence boost लेते हैं…
Ready to test what you actually remember?
अगर अभी test ka mood नहीं है तो कोई बात नहीं… Concepts ko aur solid बनाते चलिए। हर नए शब्द के साथ आपका confidence quietly grow हो रहा है. बस पढ़ते जाइए - अगले 15-20 शब्द आपकी तैयारी को और मजबूत करेंगे।
Hindi:
ऐसी स्कीमें जो सरकारी बॉन्ड, कॉरपोरेट बॉन्ड, मनी मार्केट उपकरण और अन्य निश्चित आय साधनों में निवेश करती हैं।
English:
Schemes that invest in government bonds, corporate bonds and money market instruments.
Simple socho, Debt Fund equity ka “elder, shaant bhai” hai. Zyada excitement nahi, par relatively stable income aur kam volatility - lekin interest rate aur credit risk se bilkul free bhi nahi.
Hindi:
इस प्लान में निवेशक बिना वितरक के AMC से सीधे निवेश करता है, जिससे कमीशन नहीं लगता और TER कम होता है।
English:
A plan where investors invest directly with the AMC without distributors, resulting in no commission and lower TER.
Bole toh, Direct Plan matlab “distributor ko bypass karke seedha AMC se deal.” Same fund, same portfolio, bas commission bachta hai, isliye long term me return generally zyada dikhta hai.
Hindi:
निवेश को अलग-अलग एसेट, सेक्टर और प्रतिभूतियों में बाँटकर जोखिम कम करने की प्रक्रिया।
English:
The practice of spreading investments across assets, sectors and securities to reduce risk. It helps minimize the impact of any single investment’s poor performance.
Matlab, portfolio ko “all-rounder team” banana. Sirf ek batsman pe match nahi chhodte; waise hi sirf ek stock ya sector pe future nahi lagana chahiye.
Hindi:
स्कीम के अधिशेष से निवेशकों को समय-समय पर दी जाने वाली राशि।
English:
Periodic payments made to investors from the scheme’s distributable surplus. They may be received as cash or reinvested as units.
In general, IDCW woh “pocket money” hai jo fund aapko beech beech mein deta hai. Lekin yaad rakho, yeh extra paisa nahi, aapke hi NAV se nikal kar aata hai - wealth building ke liye growth option zyada powerful hota hai.
Hindi:
डेट स्कीम में अधिक अवधि वाले साधनों पर ब्याज-दर परिवर्तन का प्रभाव अधिक होता है।
English:
In debt funds, longer-duration securities react more sharply to interest-rate changes, causing greater NAV fluctuations.
Simple hai - jitna lamba bond ka duration, utna zyada interest rate ka jhatka. Rate badhe to long-duration fund ka NAV zyada hilta hai, short-duration comparatively calm rehta hai.
Hindi:
80C टैक्स लाभ वाली इक्विटी स्कीम जिसमें 3 वर्ष का लॉक-इन होता है।
English:
A tax-saving equity scheme under Section 80C with a 3-year lock-in.
Bole toh, ELSS ek combo pack hai - tax saving bhi, equity growth bhi. 3 saal lock-in discipline sikha deta hai.
Hindi:
ऐसी स्कीमें जो मुख्यतः शेयरों में निवेश करती हैं, जिनमें जोखिम अधिक होता है।
English:
Funds that primarily invest in stocks and carry higher risk.
Sidhi bhasha mein, Equity Fund “growth ka engine” hai. Short term mein roller-coaster, long term mein wealth creator.
Hindi:
AMC द्वारा प्रबंधन शुल्क, संचालन लागत और वितरण खर्च मिलाकर लगाया गया कुल शुल्क।
English:
The total cost charged by the AMC including management, operational and distribution expenses.
Matlab, yeh “maintenance charge” hai jo return ko silently kaat deta hai. Lower TER = long-term advantage.
Hindi:
एक निश्चित अवधि से पहले यूनिट बेचने पर लगाया गया शुल्क।
English:
A fee charged for early redemption.
Exit Load “jaldi nikalne ka fine” hai. Fund chahata hai aap thoda time tikho.
Hindi:
स्कीम लॉन्च पर प्रति यूनिट तय की गई मूल कीमत।
English:
The base price per unit during a scheme’s launch.
Face Value sirf launch ka starting point hai - actual meaningful number hamesha NAV hota hai.
Hindi:
वह पेशेवर जो स्कीम का पोर्टफोलियो संभालता है।
English:
Professional who manages the scheme’s portfolio.
Fund Manager portfolio ka “captain” hai - sahi decision team jeetata hai.
Hindi:
कंपनी के मूलभूत वित्तीय और प्रबंधन पक्ष का अध्ययन।
English:
Evaluating a company’s financials, model and management.
Yeh “andar ki health check-up” hai - glamour nahi, groundwork.
Hindi:
अन्य म्यूचुअल फंडों में निवेश करने वाली स्कीम।
English:
A scheme that invests in other mutual fund schemes.
FoF ek “meta fund” hai - diversification zyada, expense double-layered ho sakta hai.
Hindi:
पूर्वनिर्धारित कीमत पर भविष्य में खरीद-बिक्री का अनुबंध।
English:
A standardized future-date buy/sell contract.
Futures “aaj deal, kal delivery” type contract hai - mutual funds isse hedging ke liye use karte hain.
Hindi:
स्कीम की पूरी कमाई पुनर्निवेशित होती है; लाभांश नहीं मिलता।
English:
All gains are reinvested; no dividends paid out.
Growth mein paisa “compound hoke chup-chaap mota” hota rehta hai - long term wealth ke liye powerful.
Hindi:
ऐसा फंड जो सीधे सोने के भाव का अनुसरण करता है या गोल्ड ETF/गोल्ड संबद्ध साधनों में निवेश करता है। इससे निवेशकों को बिना भौतिक सोना खरीदे कीमतों में बदलाव का लाभ मिलता है।
English:
A fund that tracks gold prices by investing in gold ETFs or gold-related instruments, giving exposure without needing to buy physical gold.
Bole toh, “locker kholne ki tension ke bina gold ka feel.” Physical gold nahi, par price movement ka pura maza - diversification ke liye ek solid satellite allocation.
Hindi:
सरकार द्वारा जारी किए गए सुरक्षित डेट उपकरण जिनमें डिफॉल्ट जोखिम न्यूनतम होता है। डेट फंड इन्हें स्थिरता और कम जोखिम के लिए शामिल करते हैं।
English:
Debt securities issued by the government with very low default risk, used by debt funds for stability.
Matlab, yeh “sarkari IOU” hai - default chance almost zero, isliye safety high. Debt funds inhe base layer jaisa use karte hain stability ke liye.
Hindi:
वह कुल प्रतिलाभ जिसमें खर्च अनुपात, शुल्क या करों की कटौती शामिल नहीं होती।
English:
The total return generated by a scheme before deducting expenses, loads or taxes.
In short, Gross Return matlab “fund ne kitna kamaya before kharcha.” Investor ke pocket mein aane se pehle TER, load, tax sab kaat kar net bachta hai - confusion door rakhna zaroori hai.
Hindi:
फ्यूचर्स या अन्य डेरिवेटिव साधनों का उपयोग कर जोखिम कम करने की रणनीति।
English:
A strategy using derivatives like futures to reduce portfolio risk, helping offset market volatility.
Sidhi bhasha mein, Hedging ek “insurance-type shield” hai. Market galat direction me chala gaya to bhi futures ya derivatives se loss control hota hai - profit badhane se zyada damage control ka tool.
Hindi:
ऐसी स्कीमें जो इक्विटी और डेट दोनों में निवेश कर जोखिम और प्रतिलाभ में संतुलन बनाती हैं।
English:
Funds that invest in both equity and debt to balance risk and return.
Matlab, yeh “combo thali” hai - equity ka growth plus debt ki stability. Jinko pure equity ka risk heavy lagta hai, unke liye balanced entry gate yahi hai.
Hindi:
कितने समय तक निवेशक ने यूनिटें रखी हैं, इससे कर उपचार और जोखिम पर प्रभाव पड़ता है।
English:
The duration for which units are held, determining tax treatment, risk behavior and return classification.
Simple socho, kitne time tak invested rahoge wahi aapki story decide karta hai - short holding trading jaisa behaviour, long holding investing ka real fayda, tax treatment bhi isi se linked hai.
Hindi:
स्कीम के अधिशेष से दिया जाने वाला लाभांश, जिसे नकद या पुनर्निवेश विकल्प के रूप में चुना जा सकता है। NAV वितरण के बाद घट सकता है।
English:
Dividends from the scheme’s surplus are paid to investors, either in cash or reinvested. NAV typically drops after distribution.
Bole toh, yeh “regular cash nikalne ka setup” hai. Lekin jitna zyada IDCW loge, utna kam compounding ka power milega - income chahiye ya growth, pehle decide karo.
Hindi:
निष्क्रिय फंड जो किसी बेंचमार्क इंडेक्स की संरचना और वज़न को दोहराता है। इसका उद्देश्य इंडेक्स के समान प्रतिलाभ देना होता है।
English:
A passive fund that replicates a benchmark index’s composition and weights, aiming to deliver index-like returns.
In short, Index Fund ek “no drama, low cost, market ko mirror karo” product hai. Zyada research, high fee aur star manager ki tension nahi - bas index jaisa return lo, discipline rakho.
Hindi:
महँगाई बढ़ने पर वास्तविक प्रतिलाभ कम हो जाता है क्योंकि क्रय-शक्ति घटती है। डेट और लिक्विड फंड विशेष रूप से प्रभावित होते हैं।
English:
Inflation can erode real returns by reducing purchasing power. Debt and liquid funds are particularly vulnerable.
Matlab, agar aapka paisa 5% se badh raha hai aur inflation 7% hai, to “dikhne mein profit, reality mein loss.” Isi liye long-term goals ke liye sirf FD-type returns kaafi nahi hote.
Hindi:
ब्याज दरों में बदलाव से डेट फंडों के मूल्य में उतार-चढ़ाव आता है। अवधि जितनी अधिक हो, जोखिम उतना अधिक होता है।
English:
Changes in interest rates cause fluctuations in debt fund values. Longer duration increases sensitivity.
Simple hai - jab interest rate upar jata hai, purane fixed-rate bonds ki value niche aati hai. Debt fund holder ke liye ye “ulta relation” samajhna bahut zaroori hai.
Hindi:
निवेशक कितने समय तक पैसा निवेशित रखना चाहता है, इससे उत्पाद चयन और जोखिम स्तर तय होते हैं।
English:
The time an investor intends to stay invested; it determines product suitability - equity for long horizons, debt for shorter ones.
Bole toh, kitne saal ke liए paisा side me rakh sakते ho, wahi aapka horizon. 10 plus saal ho to equity hero; 1-2 saal ho to debt ya liquid zone safe.
Hindi:
स्कीम किस प्रकार के एसेट, थीम या मॉडल का उपयोग करेगी, कैसे जोखिम प्रबंधन होगा और पोर्टफोलियो किस दृष्टिकोण से बनाया जाएगा – इनका संयुक्त ढांचा।
English:
A framework defining what assets, themes or models a scheme will follow and how its portfolio will be constructed and risk-managed.
In short, yeh “game plan” hai - fund value style chalega ya growth, large cap lega ya small cap, duration lamba rakhega ya chhota. Strategy samajhoge to surprise kam milenge.
Hindi:
निम्न क्रेडिट रेटिंग वाले उच्च जोखिम के बॉन्ड जो डिफॉल्ट की अधिक संभावना रखते हैं। उच्च यील्ड देते हैं लेकिन NAV पर भारी जोखिम डालते हैं।
English:
High-risk bonds with low credit ratings and higher default probability. They offer higher yields but carry significant NAV risk.
Matlab, high risk ka “tempting offer” - interest zyada, neend kam. Ye bonds sirf un logon ke liए hain jinki risk capacity aur understanding dono strong ho.
Hindi:
किसी सिक्योरिटी کا मूल्य उसके मूलभूत कारकों – आय, जोखिम और वृद्धि – के आधार पर तर्कसंगत स्तर पर निर्धारित करना।
English:
Assigning a rational value to a security based on fundamentals such as earnings, risk and growth expectations.
Simple bhasha mein, “sirf cheap dekhkar kharidना value investing nahi.” Earning, growth aur risk dekhkar decide karo ki price sahi hai ya sirf hype.
Hindi:
निवेशक की पहचान प्रमाणित करने की प्रक्रिया जिसमें PAN, पहचान-पत्र, पता, फोटो और अन्य दस्तावेज सत्यापित किए जाते हैं। यह म्यूचुअल फंड में निवेश शुरू करने के लिए अनिवार्य है और धनशोधन-विरोधी नियमों का हिस्सा है।
English:
The mandatory process of verifying an investor’s identity using PAN, address proof, photograph and other documents. It is required before any mutual fund investment and is part of anti-money-laundering norms.
Bole toh, KYC bina mutual fund account “locked” hai. Ek baar verify ho gaya to pura investment universe khul jata hai.
Hindi:
म्यूचुअल फंड वितरकों का पंजीकरण और सत्यापन जिसमें पहचान, योग्यता और नियामक अनुपालन की जाँच शामिल है। यह गलत बिक्री रोकने और निवेशक सुरक्षा सुनिश्चित करने के लिए बनाया गया है।
English:
A verification process for mutual fund distributors involving identity checks, qualification validation and regulatory compliance. It aims to prevent mis-selling and protect investors.
In short, KYD ensures “jo aapko advise kar raha hai, wo khud compliant hai ya nahi.” Mis-selling rokne ke liए regulator ka strong filter.
Hindi:
ऐसी इक्विटी स्कीमें जो बड़े और स्थिर बाज़ार पूँजीकरण वाली कंपनियों में निवेश करती हैं। इन कंपनियों की अस्थिरता कम होती है, इसलिए फंड का जोखिम अपेक्षाकृत नियंत्रित रहता है।
English:
Equity schemes investing in companies with large and stable market capitalization. These firms typically show lower volatility, keeping fund risk moderate.
Simple hai - yeh “big brand companies ka basket” hai. Risk mid ya small-cap se kam, beginners ke liए comfortable entry.
Hindi:
कोई निवेश कितनी आसानी से और उचित मूल्य पर नकदी में बदला जा सकता है। तरलता कम होने पर निवेशक को उचित कीमत न मिलने का जोखिम बढ़ता है।
English:
The ease with which an investment can be converted into cash at a fair price. Low liquidity increases the risk of price impact or delays in selling.
Bole toh, Liquidity matlab “jab zarurat ho tab bina discount diye bech pao.” Real estate low liquidity; liquid fund high liquidity.
Hindi:
ऐसी डेट स्कीमें जो अल्ट्रा-शॉर्ट अवधि के मनी मार्केट उपकरणों में निवेश करती हैं। इनका उद्देश्य पूंजी संरक्षण और उच्च तरलता प्रदान करना है।
English:
Debt schemes that invest in ultra-short duration money market instruments, aiming for capital safety and high liquidity.
In short, yeh “super short-term parking” hai. Salary se bacha paisa 1-3 mahine ke liए rakhna ho to smart option.
Hindi:
खरीद या बिक्री के समय लगने वाला शुल्क – एंट्री या एग्ज़िट लोड। अधिकांश फंडों में एंट्री लोड नहीं होता, जबकि एग्ज़िट लोड समयपूर्व रिडेम्प्शन पर लगाया जाता है।
English:
A fee charged at the time of purchase or redemption – entry load or exit load. Entry loads are typically removed; exit loads apply on early redemption.
Matlab, Load ek “entry ya exit ka toll tax” hai. Entry load ab zero hota hai, par exit load ignore karke jaldi nikloge to return ka flavour kadwa.
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Hindi:
किसी कंपनी के कुल जारी शेयरों के मूल्य का योग, जो कंपनी की बाजार में स्थिति दर्शाता है। इसे लार्ज-कैप, मिड-कैप और स्मॉल-कैप श्रेणियों में बाँटा जाता है।
English:
The total value of a company’s outstanding shares, representing its market size. Used to classify companies as large-cap, mid-cap or small-cap.
Simple bhasha mein, company ka “size label” - large-cap giants, mid-cap growing champs, small-cap budding players.
Hindi:
स्कीमें जो मध्यम बाजार पूँजीकरण वाली कंपनियों में निवेश करती हैं। इनका जोखिम लार्ज-कैप से अधिक और स्मॉल-कैप से कम होता है, तथा वृद्धि की संभावना संतुलित रहती है।
English:
Funds investing in medium-sized companies. They carry more risk than large-caps but less than small-caps, offering balanced growth potential.
Bole toh, mid-cap “growth plus risk ka mid-level combo” hai. Potential achha, volatility noticeable.
Hindi:
अल्पावधि के सुरक्षित ऋण साधन जैसे ट्रेज़री बिल, CP, CD और सरकारी अल्पकालिक प्रतिभूतियाँ। लिक्विड फंडों का मुख्य निवेश क्षेत्र।
English:
Short-term debt instruments such as treasury bills, commercial paper and certificates of deposit. Major investment components of liquid funds.
In short, ye “short-term, relatively safe parking instruments” hain - liquid ya money market funds ki backbone.
Hindi:
ऐसी स्कीमें जो लार्ज-कैप, मिड-कैप और स्मॉल-कैप तीनों प्रकार की कंपनियों में विविधीकृत निवेश करती हैं, जिससे जोखिम और प्रतिलाभ का मिश्रित प्रोफ़ाइल बनता है।
English:
Funds investing across large-cap, mid-cap and small-cap companies to offer a diversified, blended risk–return profile.
Matlab, ek hi fund mein large plus mid plus small ka mix - market ke different phases mein support milta rehta hai.
Hindi:
किसी डेट उपकरण की वह अंतिम तारीख जब मूलधन का भुगतान होना होता है। अवधि जितनी लंबी, ब्याज-दर जोखिम उतना अधिक।
English:
The date on which a debt instrument’s principal must be repaid. Longer maturity increases interest-rate sensitivity.
Simple hai - bond ki “expiry date.” Lambi maturity = zyada interest rate impact.
Hindi:
डेट फंडों में ब्याज-दर परिवर्तनों के प्रति मूल्य संवेदनशीलता का मापन। अधिक मॉडिफाइड ड्यूरेशन का अर्थ है NAV में अधिक उतार-चढ़ाव।
English:
A measure of how sensitive a debt security or fund is to interest-rate changes. Higher modified duration means greater NAV volatility.
Bole toh, ye duration ka “sensitive version” hai. Modified Duration 5 ho to 1% rate move par approx 5% NAV impact.
Hindi:
स्कीम की कुल परिसंपत्तियों से कुल देनदारियाँ घटाकर प्रति यूनिट आधार पर प्राप्त मूल्य। यहीं से निवेशक की खरीद या रिडेम्प्शन कीमत तय होती है और वास्तविक पोर्टफोलियो मूल्य दर्शाता है।
English:
The per-unit value obtained by subtracting total liabilities from total assets of a scheme. It serves as the reference price for purchases and redemptions and reflects actual portfolio value.
In short, NAV mutual fund ka “daily share price” hai. Zyada NAV matlab mehenga nahi - sirf different math.
Hindi:
नई स्कीम के लॉन्च के दौरान सीमित समय तक खुला रहने वाला ऑफ़र, जिसमें यूनिटें फेस वैल्यू पर जारी होती हैं – आमतौर पर ₹10। इसके बाद स्कीम नियमित NAV पर चलती है।
English:
A limited-period launch phase during which a new scheme issues units at face value, usually ₹10. After the NFO, the scheme operates on daily NAV-based pricing.
Simple bhasha mein, NFO ek “launch offer” hai, sale nahi. ₹10 NAV dekhkar cheap mat samjho.
Hindi:
कॉरपोरेट द्वारा जारी निश्चित अवधि वाले ऋण उपकरण जिन्हें शेयर में परिवर्तित नहीं किया जा सकता। डेट फंड स्थिर आय और यील्ड हेतु इन्हें अपने पोर्टफोलियो में शामिल कर सकते हैं।
English:
Fixed-tenure debt instruments issued by corporates that cannot be converted into equity. Debt funds may invest in them for yield and steady income.
Bole toh, NCD ek “fixed income product” hai. Higher interest mil sakta hai, par credit risk carefully samajhna padta hai.
Hindi:
NFO अवधि समाप्त होने के बाद यूनिट खरीदने का मूल्य, जो NAV में लागू लोड जोड़कर या घटाकर तय होता है। यह वास्तविक व्यापारिक मूल्य दर्शाता है।
English:
The price for buying units after the NFO period, derived from NAV adjusted with applicable loads. It reflects actual transaction value.
In short, NFO ke baad jo price milta hai woh hi ongoing offer price - actual trading day ka rate.
Hindi:
ऐसी स्कीम जिसमें निवेशक किसी भी कार्य-दिवस में यूनिट खरीद या बेच सकता है। स्कीम निरंतर खुली रहती है और दैनिक NAV प्रकाशित होता है।
English:
A scheme that allows investors to buy or redeem units on any business day. It remains open continuously and publishes daily NAVs.
Matlab, yeh “anytime entry, anytime exit” wala fund hai. Daily NAV aur liquidity iska sabse bada benefit hai.
Hindi:
ऐसी स्कीमें जो बेंचमार्क इंडेक्स को दोहराने का प्रयास करती हैं और सक्रिय स्टॉक चयन नहीं करतीं। लागत कम होती है और प्रदर्शन इंडेक्स के करीब रहता है।
English:
A fund that replicates a benchmark index without active stock selection. It has lower costs and performance stays close to the index.
Simple hai - yeh “copy the index” strategy hai. Low cost, low drama, long-term me kaafi active funds ko quietly beat kar deta hai.
Hindi:
स्कीम द्वारा धारित सभी प्रतिभूतियों - इक्विटी, डेट, मनी मार्केट आदि - का समूह, जो जोखिम और प्रतिलाभ को निर्धारित करता है।
English:
The collection of all securities held by a scheme, determining its risk and return profile.
Bole toh, portfolio aapki “financial selfie” hai. Yahin se aapki risk choice aur diversification clearly dikhti है.
Hindi:
ऐसा सूचकांक जो केवल कीमत में बदलाव दिखाता है और लाभांश को शामिल नहीं करता।
English:
An index that reflects only price movement, excluding dividends.
In short, PRI sirf “price ka scorecard” hai. Dividend ko ignore karta hai, isliye TRI actual performance ka better mirror hota है.
Hindi:
स्कीम का आधिकारिक दस्तावेज जिसमें उद्देश्य, रणनीति, जोखिम, खर्च और संचालन नियम विस्तृत रूप से दिए होते हैं। निवेश से पहले इसका अध्ययन आवश्यक है।
English:
An official document outlining a scheme’s objectives, risks, strategy, expenses and operational rules. Essential reading before investing.
Matlab, yeh “mutual fund ka user manual” hai. Jo invest karne se pehle sachchai dikhata है - marketing nahi, reality.
Hindi:
फंड चुनते समय जोखिम प्रोफ़ाइल, समयावधि, व्यय अनुपात और प्रदर्शन स्थिरता जैसे कारकों को संतुलित रूप से देखना चाहिए।
English:
Selecting funds by balancing risk profile, horizon, expense ratio and consistency rather than past returns alone.
Simple bhasha mein - “sirf past return dekhकर fund मत pakdo.” Strategy aur risk match hona जरूरी है.
Hindi:
पोर्टफोलियो के एसेट आवंटन को समय-समय पर मूल लक्ष्य के अनुसार वापस लाना।
English:
Periodically adjusting the portfolio to restore the target asset allocation.
Bole toh, portfolio ka “health check plus adjustment.” Equity overweight ho gaya to kuch profit book karo, balance maintain rakho.
Hindi:
निवेशक द्वारा यूनिटें बेचने की प्रक्रिया जिसके बदले AMC NAV के आधार पर भुगतान करती है।
English:
The process of selling units back to the AMC based on NAV.
In short, redemption matlab “units wapas bechna.” Panic me redeem करोगे to compounding ka sabse बड़ा नुक़सान होगा.
Hindi:
प्रतिलाभ को इस आधार पर मापा जाता है कि उसे पाने के लिए कितना जोखिम लिया गया।
English:
A measure of return earned relative to the risk taken to achieve it.
Matlab, “kitna kamaaya” ke साथ “kitne jhatke kha kar kamaaya” भी important है. Smooth return better return है.
Hindi:
निवेशक मानसिक रूप से कितना जोखिम सह सकता है और उतार-चढ़ाव से कितना प्रभावित होता है, इसका मापन।
English:
A personal measure of how much volatility an investor can emotionally tolerate.
Simple socho - market 20% gir जाए to नींद उड़ती है ya nahi? Agar haan, toh risky options aapke लिए नहीं.
Hindi:
निवेशक की आय, बचत, दायित्व और समयावधि के आधार पर जोखिम उठाने की वित्तीय क्षमता।
English:
An investor’s financial ability to take risk based on income, savings, obligations and investment horizon.
Bole toh, emotional strength alag, financial strength alag. EMI high ho to risk capacity automatically low.
Hindi:
SEBI का छह-स्तरीय जोखिम संकेतक जो स्कीम के जोखिम स्तर को कम से अत्यधिक जोखिम तक दिखाता है।
English:
A SEBI-mandated six-level risk scale indicating a scheme’s risk level from low to very high.
In short, yeh “packet par likha warning level” है. Jaisa medicine expiry dekhते हो, waise riskometer bhi zaroor dekhो.
Hindi:
लगातार चलती अवधियों पर प्राप्त प्रतिलाभ जिससे प्रदर्शन की स्थिरता का मूल्यांकन किया जाता है।
English:
Returns measured across shifting time periods to evaluate performance consistency.
Matlab, fixed 5-year return pe मत अटकना. Rolling returns batate हैं fund “consistent hai ya lucky.”
Hindi:
SEBI द्वारा तय वर्गीकरण जिसके अनुसार फंडों को जोखिम, उद्देश्य और शैली के आधार पर समूहित किया जाता है।
English:
SEBI-defined classification grouping funds based on risk, objective and investment style.
Simple hai - wrong category = wrong expectation. Category se hi fund ka character samajh आता है.
Hindi:
स्कीम के उद्देश्य, जोखिम, रणनीति, शुल्क और संचालन नियमों का विस्तृत दस्तावेज जिसे निवेश से पहले पढ़ना आवश्यक है।
English:
A detailed document specifying a scheme’s objectives, risks, strategies and fee structure.
Bole toh, SID “fund ka blueprint” hai. Naam aggressive हो aur strategy conservative लिखी हो तो reality समझ आ जाती है.
RegDEEP™ series mein हम publish करते हैं:
• SEBI circulars का Hindi decoding
• Exam-focused breakdown
• Practical real-world meaning
• Direct questions कैसे बनेंगे (NISM tricks)
यह पूरा Section FREE है -क्योंकि सही जानकारी Bharat ke har learner ka हक़ है।
Hindi:
ऐसी इक्विटी स्कीमें जो किसी विशेष सेक्टर में केंद्रित निवेश करती हैं। जोखिम और अस्थिरता अधिक रहती है।
English:
Equity funds focused on a specific sector with higher volatility and concentration risk.
In short, “one-sector bet.” Right sector = dhamaka, wrong sector = portfolio भी niche.
Hindi:
जोखिम-समायोजित प्रतिलाभ का मापन जिसमें अतिरिक्त प्रतिलाभ को मानक विचलन से तुलना किया जाता है।
English:
A risk-adjusted performance metric comparing excess return to standard deviation.
Matlab, Sharpe batata है “return kitna smooth मिला.” High Sharpe = kam stress, behtar quality return.
Hindi:
नियमित अंतराल पर निश्चित राशि निवेश करने की सुविधा जो अनुशासन और लागत-औसत लाभ देती है।
English:
Investing a fixed amount at regular intervals to build discipline and benefit from cost averaging.
SIP salary ka “automatic saving habit” hai. Timing ki tension nahi - long-term wealth quietly build होती है.
Hindi:
नियमित अंतराल पर एक स्कीम से दूसरी स्कीम में राशि स्थानांतरित करने की प्रक्रिया।
English:
Periodic transfer of funds from one scheme to another for risk control and allocation management.
Bole toh, lump sum को एकदम equity में डालने के बजाय “slow-motion entry.” Risk bhi control, discipline bhi on.
Hindi:
नियमित अंतराल पर निश्चित राशि निकालने की सुविधा जो सेवानिवृत्ति या मासिक आय के लिए उपयोगी होती है।
English:
Allows periodic withdrawals while the remaining corpus continues to stay invested.
In short, SWP “self-made pension” जैसा काम करता है - monthly cashflow + corpus growth possibility.
Hindi:
छोटी कंपनियों में निवेश करने वाली स्कीमें जिनमें वृद्धि की संभावना अधिक पर जोखिम और अस्थिरता भी अधिक रहती है।
English:
Funds investing in small-sized companies with high growth potential but high volatility.
Matlab, yeh “high thrill, high risk ride.” Right time hold करने पर multibagger, panic me बेचो तो pain भी उसी level का.
Hindi:
प्रतिलाभ में उतार-चढ़ाव का गणितीय मापन; अधिक मान अधिक अस्थिरता दर्शाता है।
English:
A statistical measure of volatility; higher values indicate higher variability in returns.
Simple hai - yeh number batata है return kitna “jhulta” है. Zyada deviation = zyada roller coaster.
Hindi:
केंद्र सरकार द्वारा जारी अत्यंत सुरक्षित डेट उपकरण जिनमें डिफॉल्ट जोखिम न्यूनतम होता है।
English:
Highly secure debt instruments issued by the central government with negligible default risk.
Bole toh, “government-backed safety.” Risk almost zero, return sober - portfolio stability ke लिए perfect.
Hindi:
कीमत वृद्धि के साथ लाभांश पुनर्निवेश प्रभाव भी शामिल करने वाला सूचकांक।
English:
An index that includes both price changes and reinvested dividends.
In short, TRI kehta है “price + dividend dono count karo.” Real performance hamesha TRI se compare karo.
Hindi:
इंडेक्स फंड और उसके बेंचमार्क के रिटर्न के बीच बने अंतर की अस्थिरता।
English:
Volatility of differences between an index fund’s return and its benchmark.
Matlab, index fund kitna “track se hil raha है.” Low tracking error = index ka shadow, high = execution issues.
Hindi:
प्रबंधन शुल्क, संचालन खर्च और वितरण व्यय का कुल प्रभाव जो निवेशक के शुद्ध प्रतिलाभ को घटाता है।
English:
The combined cost of management fees, operational expenses and distribution charges.
Simple bhasha mein, TER aapka “all-in cost” है. Chhota TER = long-term me lakhon ka फायदा.
Hindi:
वे वास्तविक वित्तीय साधन - शेयर, बॉन्ड, मनी मार्केट उपकरण - जिनमें स्कीम निवेश करती है और जिनके मूल्य से NAV निर्धारित होता है।
English:
The actual financial instruments a scheme invests in such as shares, bonds and money market instruments.
Bole toh, fancy naam भूलो - actual underlying ही real risk-return दिखाता है.
Hindi:
स्कीम में निवेशक की हिस्सेदारी का प्रतिनिधित्व। प्रत्येक यूनिट का मूल्य NAV के अनुसार बदलता है।
English:
Represents an investor’s share in the scheme; its value changes with NAV.
In short, mutual fund ka “share” unit hi है. Daily NAV change = daily unit value change.
Hindi:
स्कीम द्वारा जारी कुल यूनिटों का मूल्य जो उसके आकार और निवेशक आधार को दर्शाता है।
English:
Total value of all units issued by a scheme, indicating fund size and investor participation.
Matlab, bada unit capital = bada fund size. Liquidity aur stability dono बेहतर.
Hindi:
प्रतिलाभ में उतार-चढ़ाव का स्तर; अधिक अस्थिरता अधिक जोखिम का संकेत देती है।
English:
Fluctuation level in returns; higher volatility indicates higher risk.
Simple hai - volatility hi reason है equity kabhi hero kabhi villain लगती है. High swing = strong heart + long horizon.
ऐसी स्कीमें जो अवमूल्यित लेकिन गुणवत्ता वाली कंपनियों में निवेश करती हैं।
English:
Funds investing in undervalued yet fundamentally strong companies.
Bole toh, value fund “discount par quality cheezein” dhoondता hai. Patience ho to reward strong mil sakta है.
Hindi:
बॉन्ड या डेट उपकरण से मिलने वाली आय का प्रतिशत जो ब्याज भुगतान और कीमत दोनों पर आधारित होता है।
English:
The percentage income earned from a bond based on interest payments and current price.
In short, yield matlab “bond se actual kitna percent kama rahe ho.” Price change hote hi yield adjust hota hai.
Hindi:
ऐसा बॉन्ड जो नियमित ब्याज नहीं देता; यह डिस्काउंट पर जारी होता है और मैच्योरिटी पर फेस वैल्यू देता है।
English:
A bond issued at a discount that pays no periodic interest and is redeemed at face value at maturity.
Matlab, yeh “no interest, only maturity payoff” model है. Aaj discount me kharido, maturity par full face value lo.
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17. Official Resources & Downloads
- SEBI Circular: Additional incentives to distributors for onboarding new individual investors from B-30 cities and women investors
- SEBI (Mutual Funds) Regulations, 1996 - as amended
- Learn@GurukulOnRoad - NISM Exam Prep Store
- NISM Mock Test Series - All Exams
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