SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARYMARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021

SMD/POLICY/CIR-26/97

To

The President/Executive Director/
Managing Director of all the Stock Exchanges

Dear Sir,

This is in continuation of our Circular Nos. SMD/POLICY/CIR-12/98 dated April 17, 1998 and SMD/POLICY/CIR-13/98 dated April 16, 1998 providing inter-alia that Clause 41 of the Listing Agreement may be modified to require the company to furnish to the Stock Exchange and publish unaudited financial results on quarterly basis. As mentioned in the circular the amendments were based on the Report of “The Committee on Accounting Disclosure Standards by Corporates” under the chairmanship of Shri C B Bhave. The Committee was constituted to review the disclosure requirements in the financial statements with particular reference to consolidation of accounts of group companies, reporting of various segments of the companies with multiple activities, impact of deferred tax and other disclosures to be made by the companies on a continuous basis so that the investors are in a position to obtain financial statements that achieve a true and a fair view of the financial position of the companies and may take well informed investment decisions.

In view of this, you are advised that quarterly disclosure standards and the report of the committee apply only to body corporates and companies and as a Mutual Fund is a trust and not a company, the referred circular providing for quarterly results will not be applicable to a Mutual Fund.

Yours faithfully,
P. K. BINDLISH
DIVISION CHIEF

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