DEPUTY GENERAL MANAGER INVESTMENT MANAGEMENT DEPARTMENT

SEBI/IMD/CIR No.4/1 24477/08

May 2, 2008

All Mutual Funds Registered with SEBI Association of Mutual Funds in India (AMFI)

Dear Sirs,

Sub: Notification on Real Estate Mutual Fund Schemes and Initial Issue Expenses

We are enclosing a copy of the gazette notification F. No. LAD­NRO/GN/2008/03/1 23042. dated April 16, 2008 on the captioned subject for your information and implementation.

Regarding 49 A(a)(i), it is clarified that a real estate mutual fund scheme can invest in real estate assets in the cities mentioned in

List of Million Plus Urban Agglomerations/Cities ; or

List of Million Plus Cities which appear in Census Statistics of India (2001) at www.censusindia.gov.in. A printout of cities which appear in the aforesaid categories taken from the said website is attached for your ready reference.

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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