SEBI to come out with guideline for Mutual Funds

25 November 2007 |

The Securities and Exchange Board of India will soon come out with the final guidelines on real estate mutual funds. In June this year, the market regulator had approved the primary guidelines allowing mutual funds to launch dedicated real estate funds. These funds will be close-ended ones.

While all these funds will have to appoint custodians for the safe keep of property titles, the units of these funds will be listed on stock exchanges and traded on the basis of the net asset value of the scheme. No mutual fund house has, so far, come out with real estate funds as there is ambiguity on the valuation process of underlying properties.

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The downside is SEBI expects ICAI to come up with guidelines for real estate mutual funds. It is a shame that GOI has not come up with Accounting/Auditing Standards Board which is independent of any Accounting body.


Santosh Puthran

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