MFD/CIR/1/200/2001

April 20, 2001

All Mutual Funds registered with SEBI/

Unit Trust of India

Dear Sirs,

Re: Format for Half Yearly Disclosure of Unaudited Financial Results.

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In accordance with Regulation 59, all mutual funds are required to publish their unaudited financial results as specified in Twelfth Schedule before the expiry of two months from the close of each half

year i.e. on 31st March and on 30th September, in one English daily newspaper circulating in the whole of India and in a newspaper published in the language of the region where the Head Office of the mutual fund is situated.

In order to provide the investors with meaningful information about the operations of the mutual fund and to help them in taking well informed investment decisions, it has been decided in consultation with the SEBI Advisory Committee on Mutual Funds to revise the present format for unaudited half-yearly results. The publication of the unaudited half-yearly results in future shall be made in the format given in Annexure I and shall be printed in at least 7 point with proper spacing for easy readability.

The results for the half year ended 31st March, 2001 shall be published within 30 days from the date of this circular and thereafter the half-yearly results must be published before the expiry of one month from the close of each half year. Copies of the advertisements carrying the results must be filed with SEBI within 7 days from the date of publication. These results shall also be put on their websites by the mutual funds.

The mutual funds shall make arrangement to display the half-yearly results in the old format as given in the Annexure II on their websites before the expiry of two months from the close of each half-year. These are not required to be published in the newspapers.

These guidelines are being issued in accordance with the provisions of Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996. Necessary gazette notification shall be issued in due course.

Yours faithfully,

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