DEPUTY GENERAL MANAGER INVESTMENT MANAGEMENT DEPARTMENT

SEBI/IMD/CIR No.6/1 27947/08

June 6, 2008

All Mutual Funds Registered with SEBI

Association of Mutual Funds in India (AMFI)

Sir / Madam,

Sub: Short Selling and Securities Lending and Borrowing & Net Settlement of Government Securities Transactions – Amendments to SEBI (Mutual Funds) Regulations, 1996

We are enclosing a copy of the gazette notifications No. LAD­NRO/GN/2008/01/122441 dated April 8, 2008 pertaining to short selling and securities lending and borrowing and No. LAD-NRO/GN/2008/09/126202 dated May 22, 2008 pertaining to net settlement of government securities transactions for your information and implementation.

Existing mutual fund schemes may engage in short selling of securities as well as lending and borrowing of securities after making additional disclosures including risk factors in the Scheme Information Document in accordance with clause 5(ii)(b) of SEBI circular SEBI/IMD/CIR No.5/126096/08 dated May 23, 2008.

This circular, is available on SEBI website at www.sebi.gov.in under the category “Mutual Funds – Circulars”.

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.

Yours faithfully,

Ruchi Chojer Encl : a/a

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