Mutual Fund houses will have to make disclosures about average assets under management on a monthly basis from this month.
Securities and Exchange Board of India in a circular today asked the fund houses to disclose 'Monthly Average Asset Under Management' (Monthly AAUM) instead of AUM.
The regulator in its circular on March 24 had directed MF players to disclose details with respect to Asset Under Management from different categories of schemes, AUM from places beyond top-15 cities, contribution of sponsor and its associates in AUM, among other things.
However, Sebi today said: "It has been decided that...the aforementioned circular (on March 24), the term 'Asset under Management (AUM)' shall be read as 'Monthly Average Asset under Management (Monthly AAUM)'".
The rules were recently framed by Sebi as part of its first-ever long term policy for the mutual fund industry.
The new framework relates to enhancing the reach of MF products, promoting financial inclusion, obligation of various stakeholders, among others.
MFs are required to make disclosures on their websites and share the same with Association of Mutual Funds of India (AMFI) within 7 working days from end of the month.
The disclosures will also be available on the AMFI website.