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Modifications in Guidelines for valuation of securities and identification and provisioning of NPAS

1 All Mutual Funds Registered with SEBI/ Unit Trust of India Dear Sirs, As you are aware, SEBI issued guidelines for the valuation of securities and identification and provisioning for non-performing assets (debt securities) vide circular no MFD/CIR/8/92/2000 dated September 18, 2000. Association of Mutual Funds in India (AMFI) has made a representation for certain modification in the guidelines. .....

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e traded is 40,000, but the value of trades is ₹ 600,000, the share does not qualify as thinly traded. Further it is clarified that in order to determine whether a security is thinly traded or not, the volumes traded in all recognised stock exchanges in India may be taken into account. 2. Thinly Traded Debt Security The definition for Thinly Traded Debt Security given in first paragraph of S .....

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r more than 5% of the total assets of the scheme, it should be valued by the procedure above and the proportion which it bears to the total net assets of the scheme to which it belongs would be compared on the date of valuation". 4. Non Traded / Thinly Traded Debt Securities of upto 182 days to maturity The valuation model given in clause (ii)(a) of the Guidelines (Pg. 2) shall be substituted .....

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ity greater than 182 days at the time of purchase, the last valuation price plus accrued interest should be used instead of purchase cost. All other non traded Non Government debt instruments shall be valued using the method suggested in (ii)(b) hereof". 5. Government Securities The valuation method given in clause (ii)(c) of the Guidelines (Pg. 6) pertaining to valuation of government securi .....

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