Securities and Exchange Board of India
DEPUTY GENERAL MANAGER
INVESTMENT MANAGEMENT DEPARTMENT
SEBI/IMD/CIR No. 3/124444/08
April 30, 2008
All Mutual Funds Registered with SEBI
Association of Mutual Funds in India (AMFI)
Dear Sirs,
Sub: Revised Monthly Cumulative Report (MCR)
1.Please refer to SEBI circular MF/CIR/07/404/2000 dated July 31, 2000, SEBI/IMD/CIR No.3/2564/2004 dated February 5, 2004, SEBI circular No. SEBI/IMD/CIR No. 6 / 72245 /06 dated July 20, 2006, and SEBI/IMD/CIR No.2/91600/07 dated April 20, 2007 prescribing the format for Monthly Cumulative Report (MCR).
2. SEBI in consultation with AMFI has revised the format of the MCR to bring uniformity in calculation of Net Assets Under Management (NAUM) and Average Net Assets Under Management (AAUM). Data on Interval Schemes and Overseas Fund of Funds are also included in MCR. Accordingly, in future MCR shall be submitted to SEBI in the revised format by 3rd of each month by way of an email. Hard copy should also be sent by hand delivery/courier.
3.To have uniformity in calculating NAUM and AAUM following methodology shall be adopted:
a. The Assets Under Management (AUM) as on the last calendar day of each month shall be included in NAUM. In liquid funds, purchases on the first day of the next month shall not be considered in calculating NAUM for the current month.
b. AAUM of the Mutual Fund shall be the aggregate of the daily AUM of the Mutual Fund over calendar days in the relevant month irrespective of date of allotment/maturity of the scheme.
4. Details of the new scheme launched shall be reported in the MCR for the month in which the allotment is done. For eg. if an NFO closes in the month of July and the allotment is done in the month of August, then, the details of this new scheme shall be reported in the MCR for the month of August that will reach SEBI by 3rd of September.
5.Compliance officers of all the Mutual Funds are advised to take due care while forwarding the MCR data to SEBI. Compliance officers shall confirm that the data forwarded is correct and does not require any revision.
6.This circular is in supersession of the above mentioned circulars in clause 1.
7.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, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Yours faithfully,
Ruchi Chojer
