SEBI comes out with new guidelines on reporting formats for mutual funds
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The formats for the reports to be submitted byasset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultation from the industry.
In a circular, Sebi said the compliance certificate to be submitted by an AMC to the trustees on a bi-monthly basis and half-yearly basis would be discontinued.
The contents of both these reports have been incorporated in thequarterly report by AMC to trustees, it added.
With regard to quarterly report on activities of mutual funds(MFs), Sebi said such report must contain details of number of live schemes as on last day of the quarter-end, schemes launched during the period including schemes which were launched but could not be constituted for any reason, details of existing schemes matured or wound up as well schemes merged during the quarter.
For schemes which have been wound up, Sebi said details of payout should be provided during each quarter till the last payout for such schemes.
In addition, details of close-ended schemes rolled-over, schemes that underwent fundamental attribute change, clearance received from Sebi to launch new schemes and details of Assets Under Management (AUM) need to be provided in the quarterly report.
The report should also contain details of AMC related information, details related to investment, product, risk management, valuation of investments, investor, among others.
Such reports need to be submitted to trustees within 21 days from the end of respective quarters.
To synchronize the frequency of submission of the compliance certificate test (CTR) and quarterly report, Sebimodified guidelines to the extent that, instead of exceptional reporting, complete CTR would have to be submitted by AMC to the regulator on a quarterly basis, by 21st calendar day of succeeding month for the quarters ending March, June, September and December.
On half-yearly trustee report by trustees to Sebi it saidAMC need to mention 'Yes'/'No' with respect to each compliance item and wherein there is non-compliance and AMC has mentioned 'No', details regarding the natureof non-compliance should be given along with the corrective action taken, if any.
Sebi said trustees will have to submit corrective steps taken with respect to the non-compliance reported in the report.
It, further, said trustees would continue to submit such report for the half-year endingSeptember and March within two months from the end of the half year.
For quarterly report and report on compliance certificate test, the guidelines would come into effect for reporting fromthe quarter ending June 2021 and forhalf-yearly trustee report, the new frameworkwould come into effect for reporting from the half-year ended March 2021.
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