Each card can hold up to ₹10,000 and has to be used within one year on any mutual fund scheme managed by the AMC that issues the gift card.
You can pay for them via bank transfer (no credit cards allowed), and once bought, they can't be topped up.
Only the person it's gifted to can redeem it, and if unused after one year, the money goes back to the buyer.
SEBI is asking for public feedback until April 14 before making this official.