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SECURITIES AND EXCHANGE BOARD OF INDIA
Mittal Court, B Wing, First Floor,
224, Nariman Point, Mumbai 400 021

MFD/CIR No.5 /153/2001
May 24, 2001

All Mutual Funds registered with SEBI Unit Trust of India / AMFI

Dear Sirs,

Please refer to our earlier Circular No. MFD/CIR No.3/211/2001 dated April 30, 2001.

Regarding payment of brokerage / commission on the subscription by the associates, we have received a representation from Association of Mutual Funds in India (AMFI). After considering the representation, it has been decided that the restriction on payment of brokerage / commission to agents / distributors or otherwise shall be applicable prospectively, effective from April 30, 2001 i.e., the date of the issue of the Circular and only in case of investments made by the sponsor(s) of the mutual fund.

Yours faithfully,
P. K. NAGPAL
GENERAL MANAGER
MUTUAL FUNDS DEPARTMENT

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