The Securities and Exchange Board of India has, in its March 20 Master Circular, allowed mutual funds to continue offering retirement and children’s schemes, but with some restrictions on the rollout of newly introduced life cycle funds. This comes after concerns were raised about decision to discontinue Solution-Oriented Funds as per the February 26, Categorization and Rationalization of Mutual Fund Schemes circular. In its latest update SEBI has clarified that an AMC choosing to continue a children’s fund cannot launch a 20-year life cycle fund. Similarly, an AMC retaining a retirement fund cannot introduce a 30-year life cycle fund. If an AMC opts to continue both retirement and children’s funds, it will be barred from launching both the 20-year and 30-year life cycle funds, restricting it to only four tenures, namely 5, 10, 15 and 25 years.