Independent valuation of scheme assets supports net asset value disclosure, subject to an exception for independently valued regulated investee schemes.

Regulation 38 requires the fund management entity and fiduciaries of restricted, non-retail schemes to comply with Sixth Schedule investment valuation norms. For net asset value computation and disclosure, scheme assets must be valued by an independent service provider. The requirement is inapplicable to investments in other financially regulated schemes, made directly or through a manager in an IFSC, India, or a foreign jurisdiction, where the investee schemes are valued by an independent entity.

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