Sebi defers disclosures requirement for MFs

Sebi defers disclosures requirement for MFs

The Securities and Exchange Board of India ( Sebi) has deferred the deadline for enhancing scheme related to disclosures for mutual fund houses.

In a circular dated March 18, 2016, the market regulator had asked fund houses to disclose, effective from May 1, the aggregate investment in schemes by asset management companies board of directors, fund managers and other key managerial personnel.

In a letter to the industry body Association of Mutual Funds in India (Amfi), Sebi has pushed back the deadline by a month.

Also, fund houses are not required to show on its website separate scheme information document ( SID) and key information memorandum ( KIM) for each MF scheme managed by the AMC.

Industry officials say the whole new system required lot of technical changes which would have required time.

However, on the salary disclosures issue, there has not been any relief and sources told the Business Standard despite requests from fund houses.

According to the circular, each fund house has to make public the salaries of top officials.

Business Standard, New Delhi, 29 April 2016