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<h1>SEBI Updates Mutual Funds Regulations: New Guidelines for Real Estate Schemes, Listing Requirements, and Transparency Mandates.</h1> The Securities and Exchange Board of India (SEBI) issued a circular on May 2, 2008, detailing amendments to the Mutual Funds Regulations, 1996, specifically addressing real estate mutual fund schemes. The circular clarifies investment guidelines, including permissible cities for real estate investments, and mandates that real estate mutual fund schemes be close-ended and listed on recognized stock exchanges. It outlines the responsibilities of asset management companies and trustees, including the appointment of qualified personnel and custodians. The circular also specifies valuation methods for real estate assets, investment restrictions, and the requirement for transparent disclosures in offer documents.