Open ended MF schemes to publish NAV daily

MUMBAI, April 30: The open ended equity related schemes of mutual funds (MFs) including the Unit Trust of India will publish their net asset values (NAV) on a daily basis, according to SEBI. In the case of closed ended schemes, mutual funds would disclose NAVs on a weekly basis. The changes in MF rules will be effective from July 1, 1997.

The SEBI framed the rules after its first meeting with members of the Association of Mutual Funds of India (AMFI) said the MFs will specify the details on the fundamental attributes of the scheme and asset allocation to be achieved by the scheme in the offer document.

A standard offer document has been prepared and circulated to all MFs. The MFs will be given a chance to comment on the offer document and after suitable changes would be considered if necessary. Following the notification of the revised SEBI (Mutual Funds) 1996 Act, it has been decided that SEBI would hold periodic meetings with AMFI.