DIVISION CHIEF

MUTUAL FUNDS DEPARTMENT

MFD/CIR/8/92/2000
September 18,

All Mutual Funds Registered with SEBI Unit Trust of India

Dear Sirs,

Association of Mutual Funds in India (AMFI) made certain recommendations on valuation norms and provisioning of non-performing assets. The recommendations were placed before the Accounting Standards Committee set up by SEBI. The Committee, which also had representation from AMFI, deliberated the issues and has given its report.

Enclosed herewith are (i) Guidelines for valuation of securities and (ii) Guidelines for Identification and Provisioning for NPAs. These guidelines are being issued in accordance with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996. These guidelines are supplementary to the provisions specified in SEBI regulations. A few modifications in the Regulations wherever required would be made in due course.

These guidelines shall be effective from October 1, 2000.

2. A copy of corrigendum published in the gazette notification dated July 26, 2000 is also enclosed.

Yours faithfully,

P. K. NAGPAL

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