Securities and Exchange Broad of India
GENERAL MANAGER
INVESTMENT MANAGEMENT DEPARTMENT
SEBI/ IMD/CIR No. 11 /36222/2005
March 16, 2005
All Mutual Funds Registered with SEBI
Dear Sirs,
Re: Compliance Test Report (CTR).
As you are aware, SEBI circular no. MFD/CIR/09/014/2000 dated January 5, 2000 stipulates that the compliance certificate shall be submitted by the AMC to the Trustees on a bi-monthly basis and SEBI circular no. IIMARP/MF/CIR/10/1076/97 dated June 5, 1997 stipulates that the CTR shall be submitted quarterly by AMC to SEBI. Further, the format of CTR was revised vide circular dated MFD/CIR/5/360/2000 dated July 4, 2000.
In order to synchronize the frequency of submission of the above two documents, it has now been decided that the CTR shall, from the next financial year (2005-06), be submitted by the AMC once in every two months (instead of once in three months) so as to reach SEBI within 21 days of completion of the two months period. Accordingly, the CTR for the two months period comprising April 2005 and May 2005 shall be submitted by the AMC so as to reach SEBI on or before June 21, 2005.
These guidelines are 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.
Yours faithfully,
(SURESH GUPTA)
