All Mutual Funds registered with SEBI/
Unit Trust of India
Association of Mutual Funds in India

Dear Sirs,

Re:Rendering investment advice and reporting of Compliance
Officer to SEBI

We are enclosing a copy of Gazette Notification dated May 29, 2001 amending SEBI (Mutual Funds) Regulations, 1996 pertaining to rendering investment advice and reporting of non-compliance of regulations to SEBI by the compliance officer.

Regarding reporting by the compliance officer, we have examined the representation dated August 1, 2001 received from Association of Mutual Funds in India. It has been decided that the amended regulations must be implemented strictly.

Yours faithfully,

P. K. NAGPAL

Encl : As above