TMI BlogANNUAL REPORTX X X X Extracts X X X X X X X X Extracts X X X X ..... et value of its underlying investments in securities or fair value in underlying real estate asset, as the case may be; (e) Comments of the Trustees on the performance of the scheme, with full justification. (v) Statement giving relevant perspective historical per unit statistics in accordance with paragraph 6 of this Schedule; 7 [ (vi) Statement on the following lines: On written request, present and prospective unitholders/investors can obtain a physical copy of the trust deed, the annual report and scheme related documents at a nominal price. ] 2. Accounting Policies 8 [(a) For investments in securities - The accounting policies given in Part A of the Ninth Schedule shall be followed. ] i. The realised gains or losses on sale or redemption of investment, as well as unrealised appreciation or depreciation shall be recognised in all financial statements. For the purpose of all financial statements, all investments shall be marked to market and investments shall be carried out in the balance sheet at market value. However, till necessary guidance notes are issued by the Institute of Chartered Accountants of India to their members, in the above matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n enforceable obligation to pay the price or, in the event of a sale, when the scheme obtains an enforceable right to collect the proceeds of sale or an enforceable obligation to deliver the instruments sold. vii. Bonus shares to which the scheme becomes entitled shall be recognized only when the original shares on which the bonus entitlement accrues are traded on the stock exchange on an ex-bonus basis. Similarly, rights entitlements shall be recognised only when the original shares on which the right entitlement accrues are traded on the stock exchange on an ex-rights basis. 3 [***] ix. When the units of an open-ended scheme are sold, the difference between the sale price and the face value of the unit, if positive, shall be credited to Reserves and if negative is debited to reserve, the face value being credited to Capital Account. Similarly, when units of an open-ended scheme are repurchased, the difference between the purchase price and face value of the unit, if positive should be debited to reserves and, if negative, should be credited to reserves, the face value being debited to the capital account. x. (a) In the case of an open-ended scheme, when units are s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... *** ] . It shall also disclose, inter alia, accounting policies relating to valuation of investments including real estate investment asset and other important areas. 12 [ (ii) The aggregate market value of investments in securities shall be stated separately in respect of each type of investment, such as equity shares, preference shares, convertible debentures listed on recognised stock exchange, non-convertible debentures or bonds further differentiating between those listed on recognised stock exchange and those privately placed. ] 4 [ (iii)(A) The balance-sheet shall disclose under each type of investment(s) in securities, the aggregate market value or fair value of securities classified as below investment grade and default. A security shall be classified as below investment grade or default in the manner specified in guidelines issued by the Board. ] (iii)(B) The balance-sheet shall disclose under each category of real estate asset the aggregate carrying amount of nonperforming investment properties. A real estate asset shall be regarded as non-performing if it has provided no returns in the form of rental income for a period specified by the Board. 5 [*** ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Balance as on 1st April, 1994 12,50,00,000 12,500.00 Units sold during the year 1,27,50,000 1,275.00 Units repurchased during the year (15,40,000) (154.00) 13,62,10,000 13,621.00 (i) the name of the company including the amount of investment made in each company of the group by each scheme and the aggregate investments made by all schemes in the group companies of the sponsor; 15 [ (j) The total income of the scheme shall include unrealised depreciation or appreciation on investment. ] Rs. in lakh Rs. in lakh Net income as per Revenue Account 100 Add : Balance of undistributed income as at 1st April, 1994 brought forward 20 120 Less : Unrealised appreciation on investments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt B of the Ninth Schedule], the reconciliation required as per item (a) this paragraph shall disclose amounts relating to that real estate asset separately from the amounts relating to other real estate assets. In addition, an real estate mutual fund scheme shall disclose: 1. a description of the real estate asset; 2.an explanation of why fair value cannot be determined reliably; 3.if possible, the range of estimates within which fair value is highly likely to lie; and 4.on disposal of investment of the real estate asset not carried at fair value: the fact that the real estate mutual fund scheme has disposed of the real estate investment asset not carried at fair value; the carrying amount of that real estate investment asset at the time of sale; and the amount of gain or loss recognised. (viii) Provisions for doubtful deposits, doubtful debts and for doubtful outstandings and accrued income shall not be included under provisions on the liability side of the balance sheet, but shall be shown as a deduction from the aggregate value of its relevant asset. (ix) Disclosure shall be made of all contingent liabilities showing separately underwriting comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the 24 [ trustee company ] and not to the 25 [ unit holders ] . (ii) The auditor shall state whether: (1) he has obtained all information and explanations which, to the best of his knowledge and belief, were necessary for the purpose of his audit, (2) the Balance Sheet and the Revenue Account are in agreement with the books of account of the fund. (iii) The auditor shall give his opinion as to whether: 1. the Balance Sheet gives a true and fair view of the schemewise state of affairs of the fund as at the balance sheet date, and 2. the Revenue Account gives a true and fair view of the schemewise surplus/deficit of the fund for the year/period ended at the balance sheet date. 21 [ (6) Perspective historical per unit statistics (1) This statement shall disclose the following scheme wise per unit statistics for the past 3 years: (a) net assets value, per unit at plan/option level; (b) gross income per-unit broken up into the following components: (i) income other than profit(loss) on sale of investment, per unit; (ii) income from profit(loss) on inter-scheme sales/transfer of investment, per unit; (iii) income from profit(loss) on s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lines issued by the Board. 5. Omitted vide Notification No. SEBI/LAD-NRO/GN/2019/37 dated 23-09-2019 w.e.f. 15-10-2019 before it was read as (iv) The Balance Sheet shall indicate the extent of provision made in the Revenue Account for the depreciation/loss in the value of non-performing investments in securities. However, if the investments in securities are valued at marked to market, provisions for depreciation shall not be necessary. 6. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as xi. In a close-ended scheme 2 [launched prior to the commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009] which provides to the unitholders the option for an early redemption or repurchase their own units, the par value of the unit shall be debited to Capital Account and the difference between the purchase price and the par value, if positive, should be debited to reserves and, if negative, should be credited to reserves. In case of such schemes launched prior to the commencement of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 25-01-2022 before it was read as (j) if the investments are marked to market, the total income of the scheme shall include unrealised depreciation or appreciation on investment. There should be disclosure and unrealised appreciation deducted before arriving at the distributable income in the following manner, e.g. 16. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 17. Omitted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 before it was read as These particulars shall contain information enumerated in Annexure 2 of this Schedule. 18. Omitted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 before it was read as (iv) The Revenue Account shall indicate the appropriation of surplus by way of transfer to reserves and dividend distributed. 19. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 before it was read as net 20. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 before it was read as weekly 21. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/70 dated 25-01-2022 before it was read as 6. Perspective hist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posits with scheduled banks; - Deposits with Companies/Institutions; - Others. IV. OTHER CURRENT ASSETS Distinguishing between: - Balances with banks in current account; - Cash on hand; - Sundry Debtors; - Contracts for sale of investments in securities; - Outstanding and accrued income; - Advance, Deposits, etc.; - Bridge Finance; - Shares/debentures application money, pending allotment; - Others. V. FIXED ASSETS - Depreciated cost of the fixed assets as a whole or net block may be disclosed. ANNEXURE 1B [Refer para 3] Contents of schemewise balance sheet LIABILITIES SIDE OF THE BALANCE SHEET I. Liabilities side of the balance sheet be divided into the following groups : (i) Unit Capital; (ii) Reserves Surplus; (iii) Loans; (iv) Current Liabilities and Provisions. II. Unit Capital: Distinguishing between: - Initial capital; - Unit capital (including number of units and face value per unit). III. Reserves surplus Distinguishing between: - Unit premium reserve; (optional) - General reserve; - Dividend equalisation reserve; (optional) (Equalisation Account, as per 2(x) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss on sale of real estate investment properties (other than inter-scheme transfer/sale); - Loss on inter-scheme transfer/sale of investments; - Management fees; - Trusteeship fees; - Staff cost including salaries, allowances, contributions to provident fund, gratuity, etc.; - Office and administrative expenses; - Registration and local charges; - Commission to Agents; - Publicity expenses; - Audit fees; - Legal Title Search Fee; - Insurance security expenses; - Advisory fee in respect of real estate investment asset; - Other operating expenses; - Depreciation of fixed assets; - Custodian fees; - Registration fees; - Repairs and maintenance in case of real estate asset. Less: Amount recovered on sale of units on account of management expenses. Note: (i) Accounting policy in respect of recognition of revenue and income from investments (including dividend and interest in case of securities and rental income in case of real estate asset) shall be disclosed by way of a note. (ii)Unprovided depreciation and unrealised appreciation in value of investments in securities representing the difference between their aggregate m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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