Trustees, in their half yearly reports, will now have to inform SEBI if their AMC fails to comply with any of the norms prescribed for mutual funds, according to the new reporting norms issued by the regulator.
The corrective steps taken by the AMC will also be a part of the report. Trustees will have to submit the half-yearly report within two months from the end of each half year.
SEBI has issued changes to other reporting formats as well. “Based on the consultation with industry, the formats for reports submitted by AMCs to trustees, AMCs to SEBI and trustees to SEBI have been reviewed and revised,” the regulator said in a circular issued.
• Changes in reporting format - AMCs to trustees
AMCs no longer need to submit compliance certificate to trustees on a bi-monthly and half-yearly basis, according to the new guidelines. Since AMCs have been sharing this on quarterly basis, the market regulator has relaxed frequency of such reporting.
The new format for quarterly reporting requires AMCs to share details like the number of live schemes, schemes launched during the period including schemes which were launched but could not be constituted for any reason, schemes rolled-over during the quarter, among others.
For wound-up schemes, AMCs will have to share details of payout in the quarterly report.
These reports will have to be submitted to trustees within 21 days from the end of each quarter.
• Changes in reporting format - AMCs to SEBI
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