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Securities and Exchange Board of India
CIRCULAR
SEBI/HO/IMD/IMD-I POD2/P/CIR/2023/48 March 29, 2023
To
All Mutual Funds (MFs)/
Asset Management Companies (AMCs)/
Trustee Companies/ Board of Trustees of Mutual Funds/
Association of Mutual Funds in India (AMFI)
Sir/Madam,
Sub: Review of time limit for disclosure of NAV of Mutual fund schemes
investing overseas
1. Reference may be drawn to SEBI circulars MFD/Cir No.11/171/01 dated
February 09, 2001, SEBI/Cir No.5/63714/06 dated March 29, 2006, SEBI
Circular No. SEBI/IMD/CIR No.5/96576/2007 dated June 25, 2007, SEBI
Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/65 dated May 21, 2019 and SEBI
Circular No. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019 on
the subject of disclosure of NAV.
2. Pursuant to the above circulars, MFs are mandated to disclose the NAVs of all
schemes within a given outer time limit. However, to address the difficulties being
faced in calculation of NAV for schemes investing overseas due to differences
in time zones and market hours, partial modification with regard to timelines for
declaration of NAV is prescribed depending on investment objective and asset
allocation of schemes, which is tabulated below:
(Timelines in Business days)
SR Scheme type Existing timeline New timeline
All schemes other than those
1 11 PM on T day
mentioned below
For schemes having exposure
2 9 AM on T+1 day
to ETCDs
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Securities and Exchange Board of India
Fund of Funds (FoFs)
3 10 AM on T+1 day
schemes
Schemes investing atleast
80% of total assets in
4
permissible overseas
investments
11 PM on T day 10 AM on T+1 day
Index funds and ETFs
investing atleast 80% of total
5
assets in permissible overseas
investments
Schemes unable to disclose Such time as per
11 PM on T day
NAV as per timeline mentioned disclosure made in
Or
6 above due to inability in SID along with
10 AM on T+1
capturing same day valuation reasons for such
day
of underlying investments delayed disclosure
3. While complying with the new timelines for declaration of NAV, AMCs as a
principle shall ensure that NAV of schemes is disclosed based on the value of
underlying securities/ Funds as on the T day (i.e. date of investment in MF units
in India).
4. The provisions of this circular shall come into force with effect from July 1, 2023.
5. This circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992, read with the provisions of
Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests
of investors in securities and to promote the development of, and to regulate the
securities market.
Yours faithfully,
Lakshaya Chawla
Deputy General Manager
Investment Management Department
Tel. No.022-26449369
lakshayac@sebi.gov.in
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