SEBI, after consultation with stakeholders, has cut the time frame for launching new fund offer of mutual funds after getting the approval to six months from one year. The new rule comes into force with immediate effect, said SEBI. Last March, amid Covid pandemic disruptions, the validity period of observation letter issued by SEBI for launch of NFOs was extended to one year. . However, for all NFOs where SEBI has already issued observation letter and NFOs are yet to be launched, the schemes shall be launched within one year , it added.