MUTUAL FUNDS DEPARTMENT
MFD/CIR No. 11/171/01
February 9, 2001
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Re : Disclosure of NAVs.
This has reference to sub regulation 2 of regulation 48 of SEBI (Mutual Funds) Regulations, 1996 and SEBI circular IIMARP/MF/CIR/07/844/97 dated May 05, 1997 pertaining to disclosure of NAVs.
As you are aware, the mutual funds have recently started updating the NAVs and sale/repurchase prices of their schemes on the website (www.amfiindia.com) of Association of Mutual Funds in India (AMFI) on a daily or weekly basis as the case may be. It has been observed that some of the mutual funds are not updating the NAVs on timely basis. It has been decided in consultation with AMFI that all mutual funds should update their NAVs and sale/repurchase prices on AMFI website by 8 p.m. everyday. This will help the investors and the newspapers to access the NAVs of all the mutual funds at one place.
Delays in adhering to the above time limit shall be viewed seriously. In case of any delay, the reasons for such delay must be explained to AMFI and SEBI by the next day. If the NAVs of a mutual fund are not available before commencement of business hours on the following day due to any reason, the mutual funds should also issue a press release, which should give reasons and also explain when they would be able to publish the NAVs.
P. K. Nagpal