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Money > Business Headlines > Report August 29, 2002 | 1219 IST |
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Sebi tightens disclosure norms for MFsBS Markets Bureau in Mumbai The Securities and Exchange Board of India has increased the level of disclosures for mutual funds, according to a new circular issued by the regulator. New scheme reports sent out to investors have to contain details of the number of investors holding more than 25 per cent of the net assets of a scheme. The total holdings by such investors in percentage terms should also be communicated to the unitholders through allotment letters or account statements. So far details of investors holding more than 25 per cent was part of the annual accounts which existing investors would get at the end of the year. Now new or prospective investors also have to have the information upfront. Details of the 25 per cent and above holdings also have to be given, that is, whether these investors are individuals, institutions, non-resident Indians, overseas corporate bodies, FIIs and so on. The names and addresses of these unitholders along with the number of units held is also to be furnished, according to the circular. At present funds also furnish other details to Sebi -- such as the geographical dispersion of unitholders that is amount mobilised state-wise and the number of investors therein. Information furnished to Sebi also contains details on the top ten agents or distributors of the funds along with the commissions paid out to them. The expenses incurred in the initial public offering also has to be disclosed according to Sebi regulations. ALSO READ:
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