DEPUTY GENERAL MANAGER
INVESTMENT MANAGEMENT DEPARTMENT
July 24, 2008
All Mutual Funds Registered with SEBI/
Association of Mutual Funds in India (AMFI)
Sub: Abridged Schemewise Annual Report Format and periodic disclosures to the unitholders
A. Abridged Schemewise Annual Report Format
1. Regulation 56 (1) of SEBI (Mutual Funds) Regulations 1996 (Regulations) prescribes the requirement of mailing Schemewise Annual Report of a mutual fund or an abridged summary thereof to the unitholders.
2. It was observed that there was a lack of uniformity in the contents of Abridged Schemewise Annual Report prepared by the Mutual Funds. In view of the same, in consultation with AMFI, a new format of Abridged Schemewise Annual Report is prescribed. The new format shall be applicable for the Abridged Schemewise Annual Report to be sent to the unitholders for the financial year 2007-08.
3. The Abridged Schemewise Annual Report may be mailed to the investors’ e-mail address if so mandated and the Schemewise Annual Report shall be displayed on the website of the mutual fund. However, as per regulation 56(3) of the Regulations, copy of Schemewise Annual Report shall be also made available to unitholder on payment of nominal fees.
B. Half-yearly Portfolio Disclosure format
Clause 2 of SEBI circular No. MFD/CIR/ 9 /120 /2000 dated November 24, 2000 prescribes the format for half yearly disclosure of portfolio. Further, SEBI circular MFD/CIR/14/18337/2002 dated September 19, 2002 prescribes the additional information to be disclosed in the half yearly portfolio disclosures. In consultation with AMFI, it is now decided that a separate category of “Securitized Debt Instruments” shall be provided in the format under debt instruments.
C. Unaudited Half -yearly financials
1. Format prescribed in Annexure II of circular No. MFD/CIR/1/200/2001 dated April 20, 2001 for unaudited half-yearly results is discontinued.
2. Mutual Funds shall display unaudited half-yearly results on their website in the format prescribed in twelfth schedule of Regulations.
3. Other requirements of circular No. MFD/CIR/1/200/2001 dated April 20, 2001 regarding publication of unaudited half-yearly results shall be continued with.
These guidelines are being issued in accordance with the provisions of Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.
Encl: Abridged Schemewise Annual Report Format