INVESTMENT MANAGEMENT DEPARTMENT
SEBI/IMD/CIR No.5 /96576/2007
June 25, 2007
All Mutual Funds Registered with SEBI,
Association of Mutual Funds in India (AMFI)
Sub: Extension of Time for Uploading of NAVs of Fund of Fund Schemes.
1. Please refer to SEBI Circulars No. SEBI/Cir No.5/63714/06 dated March 29, 2006 and SEBI/Cir No.11/171/01 dated February 09, 2001 on disclosure of NAV.
2. In view of the practical difficulties being faced by the Mutual Funds in uploading the NAV of Fund of Fund Schemes on AMFI’s website and their own website it has been decided that the time limit for uploading of NAV for fund of fund Schemes shall be extended to 10:00 am the following business day.
3. In view of this, the NAVs of these Schemes shall appear in the Newspapers with one day time lag. The published NAV’s would be made available with an asterix explaining that the NAVs are with one day/or the actual time lag.
4. All delays beyond 10:00 am would be reported to AMFI and SEBI as stipulated in the Circular No. SEBI/Cir No.5/63714/06 dated March 29, 2006.
5. This circular is issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of Investors in securities and to promote the development of, and to regulate the securities market.
R K Nair