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NISM-Series-V-A: Mutual Fund Distributors · Scheme Related Information

SID, SAI and KIM: Mutual Fund Scheme Documents

Updated 11 October 2026 · Fact-checked

The SID (Scheme Information Document) gives details of one scheme. The SAI (Statement of Additional Information) gives details of the mutual fund as a whole: sponsor, trustees, AMC and legal matters. The KIM (Key Information Memorandum) is a short summary of the SID and SAI that is given with the application form.

Understand Scheme Related Documents: SID, SAI and KIM

A mutual fund must tell investors what they are buying. It does this through offer documents. Three documents matter for your exam: the SID, the SAI and the KIM.

The SID is the main offer document for a scheme. It is specific to one scheme. It covers the scheme's investment objective, asset allocation, investment strategy, risk factors, how units are bought and redeemed, load and expenses, and how NAV is calculated. If you want to know what a scheme will do, read the SID.

The SAI is common to the whole mutual fund, not to one scheme. It covers the sponsor, the trustees, the AMC, the custodian, the registrar and other service providers. It also covers legal and regulatory matters and tax information. Think of the SID as the scheme's profile and the SAI as the fund house's profile.

The KIM is a short summary of the key points from the SID and SAI. It is meant to be read quickly. It is given with the application form, so an investor sees the main facts before investing. The KIM does not replace the SID. The SID and SAI remain the full documents.

The SID and SAI are filed with SEBI and are made available to investors, including on the AMC's and AMFI's websites. As a distributor, you use these documents to explain a scheme correctly, match it to the client's needs and avoid mis-selling. Never rely on memory or sales brochures when the SID states the facts. Do not promise returns beyond what the documents say.

A scheme's SID and KIM are updated when material changes occur. The latest version is the one you should rely on. Always check that your client has the current documents.

Key formulas to remember

SID
SID = scheme-specific offer document
Covers objective, asset allocation, strategy, risks, load, expenses, NAV and transaction rules for one scheme.
SAI
SAI = fund-level (mutual fund) information
Covers sponsor, trustees, AMC, custodian, registrar, legal and tax matters. Common to all schemes of the fund.
KIM
KIM = short summary of SID + SAI
Given with the application form. A summary, not a substitute for the SID and SAI.
Quick memory rule
Scheme details → SID; Fund details → SAI; Summary → KIM
Use it to sort any exam option in seconds.

How to solve Scheme Related Documents: SID, SAI and KIM questions

Most questions ask which document holds a piece of information, or which statement about the documents is true. Use this method.

  1. 1Read the question and mark the item being asked about, such as asset allocation, sponsor details or a summary.
  2. 2Decide whether the item is about one scheme or about the whole fund house.
  3. 3If it is about one scheme, think SID. If it is about the fund house, think SAI. If it is a short summary given with the form, think KIM.
  4. 4Check each option for words like 'only', 'always' and 'replaces', which often make a statement false.
  5. 5Remove options that mix up the documents, such as putting sponsor details in the SID or a scheme's asset allocation in the SAI.
  6. 6Pick the option that matches your sorting and re-read the question once to confirm.

Quickest way: Scheme, Fund, Summary sort

When to use it: Use for any 'which document contains' or 'which statement is correct' question when time is short.

  1. Ask: scheme, fund or summary?
  2. Scheme means SID, fund means SAI, summary means KIM.
  3. Reject any option saying the KIM replaces the SID or SAI.
  4. Choose the remaining option.

Common mistakes in Scheme Related Documents: SID, SAI and KIM

  • Saying the SAI is specific to each scheme.

    The names SID and SAI look alike, so students mix them up.

    Fix: Remember SAI is about the fund as a whole and is common to all its schemes. SID is the scheme-specific one.

  • Treating the KIM as a replacement for the SID.

    The KIM is short and handy, so it feels complete.

    Fix: The KIM is only a summary. The SID and SAI are the full documents and prevail for details.

  • Placing sponsor, trustee and AMC details in the SID.

    Students assume all information about a scheme sits in one document.

    Fix: Fund-level details such as sponsor, trustees, AMC and service providers belong in the SAI.

  • Looking for investment objective and asset allocation in the SAI.

    Confusing which document is scheme-level.

    Fix: Objective, asset allocation, strategy and scheme risks are SID content.

  • Relying on an old KIM or brochure when advising clients.

    Students think the documents never change.

    Fix: Documents are updated when material changes occur. Use the latest version and do not go beyond what it says.

Worked examples

Example 1

A client wants to know the investment objective, asset allocation and risk factors of a specific equity scheme. Which document should you refer to? (A) SAI (B) SID (C) Application form only (D) Sales brochure

Show the solution
  1. The items asked about are the objective, asset allocation and risk factors.
  2. These belong to one particular scheme, not to the fund house.
  3. Scheme-specific information is in the SID.
  4. The SAI covers fund-level matters, and a brochure is not the official offer document.

Answer: (B) SID

Example 2

Which of the following statements about the SID, SAI and KIM is correct? (A) The KIM replaces the SID once it is issued (B) The SAI contains information on the sponsor, trustees and AMC (C) The SID is common to all schemes of a mutual fund (D) The SAI is given only with the application form for one scheme

Show the solution
  1. Check A: the KIM is a summary and does not replace the SID, so A is false.
  2. Check B: sponsor, trustee and AMC details are fund-level, so they are in the SAI. B is true.
  3. Check C: the SID is scheme-specific, not common, so C is false.
  4. Check D: the SAI is fund-level and common to all schemes, so D is false.

Answer: (B) The SAI contains information on the sponsor, trustees and AMC

Exam tips

  • Sort every option as scheme, fund or summary before you look at the answer choices in detail.
  • Be wary of options saying the KIM replaces the SID or SAI. They are traps.
  • Remember that SAI is common to all schemes of a fund, while SID is for one scheme.
  • Expect application-style questions: which document does a distributor use to explain risk factors or load? Answer SID.
  • Do not guess if you are unsure. Negative marking is not applied in NISM-Series-V-A, so always attempt every question.

Practice questions from Scheme Related Information

Scheme Related Documents: SID, SAI and KIM: frequently asked questions

What is the difference between SID, SAI and KIM?

The SID covers one scheme in detail. The SAI covers the mutual fund as a whole, such as sponsor, trustees and AMC. The KIM is a short summary of both, given with the application form.

What is a Key Information Memorandum in a mutual fund?

It is a brief document that summarises the main points of the SID and SAI. It is given with the application form so the investor sees the key facts before investing. It does not replace the full documents.

Where do I find the SID of a mutual fund scheme?

The SID is made available by the AMC, including on its website. It is also available through AMFI's website. Always use the latest version.

How should a distributor use the SID?

Use it to check a scheme's objective, asset allocation, risks, load and expenses, and to explain them accurately to the client. Match these facts to the client's needs and avoid claims not in the document.