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of <h1>SEBI Revises Mutual Funds Rules: Limits on Derivatives, Prohibits Writing Options, Sets New Disclosure Standards.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) revises norms for mutual funds' derivative investments and disclosures. It sets exposure limits, stating that cumulative exposure through equity, debt, and derivatives must not exceed 100% of a scheme's net assets. Mutual funds are prohibited from writing options or purchasing instruments with embedded options. Hedging positions are excluded from exposure limits if they meet specific criteria. The circular prescribes a uniform format for disclosing derivative positions in half-yearly portfolio statements. These provisions apply to new schemes post-circular issuance and existing schemes from October 1, 2010.
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