The Securities and Exchange Board of India (SEBI) vide circular No. SEBI/HO/IMD/DF2/CIR/P/2022/102 dated July 28, 2022 issued “Addendum to SEBI Circular on Development of Passive Funds”. This has reference to SEBI circular No. SEBI/HO/IMD/DOF2/P/CIR/2022/69 dated May 23, 2022 on “Development of passive funds”. The provisions of the said circular are applicable with effect from July 01, 2022.Clause 2(IV)(A) of the aforesaid circular prescribed that in respect of units of ETFs, direct transaction with AMCs shall be facilitated for investors only for transactions above a specified threshold of INR 25 Cr.Subsequently, feedback was received from stakeholders expressing certain challenges with respect to implementation of the above clause. Considering the same, it has been decided that the applicability of clause 2(IV)(A) of the circular shall be November 01, 2022.