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MF News NAV is now an SMS away

NAV is now an SMS away

SEBI wants fund houses to become paperless.
Team Cafemutual Jun 6, 2018

Now on request, your clients will get their NAV details in an SMS.

In a move that would help the industry become paperless, SEBI has launched ‘Go Green’ initiative in mutual funds to reduce the use of paper.

Under this initiative, SEBI has done away with the requirement to publish daily NAV, sale/repurchase prices in newspapers and sending of physical copies of the scheme annual reports and statement of scheme portfolio on half-yearly basis to unit holders.

However, fund houses will be required to publish these details on their own websites and AMFI website.

Fund houses will have to have share physical copies if they do not have registered email ID of their unitholders. However, they will have to communicate to unitholders through a letter asking them to respond within 30 days on whether they would like to continue to receive a physical copy of the scheme-wise annual report or abridged summary. Unitholders can go for opt-in or opt-out for this service. If unitholders do not respond, fund houses will have to recommunicate with a time frame of 15 days.

Fund houses will have to advertise about disclosure of hosting of such reports on their website and AMFI website every year.

This will come into effect from July 5, 2018.

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