SECURITIES AND EXCHANGE BOARD OF INDIA

CHIEF GENERAL MANAGER
MUTUAL FUNDS DEPARTMENT

MFD/CIR/21/ 25467/2002

December 31, 2002

All Mutual Funds Registered with SEBI

Unit Trust of India

Association of Mutual Funds in India

 Dear Sirs,

 Guidelines for Participation by Mutual Funds in Trading in Derivative Products

Please refer to SEBI circular no MFD/CIR/011/061/2000 dated February 9, 2000 wherein guidelines were issued for mutual funds to participate in Derivatives trading for the purpose of hedging and portfolio balancing. SEBI Advisory Committee on Derivatives has clarified certain types of transactions with illustrative examples which may be considered as hedging and portfolio balancing.

A copy of the relevant extract of the report is enclosed for your information.

Yours faithfully,

P.K. Nagpal

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