Valuation of securities: benchmark yields and specified fallback pricing rules govern mutual fund NAV valuation uniformly. SEBI prescribes fallback valuation for non-traded securities: most recent trade within thirty days for non-debt and within fifteen days for debt (private placements eligible for fifteen days at purchase price). A debt security is thinly traded if no marketable-lot trades occur on the valuation date. Government securities yields are grouped by duration to form a volume-weighted risk-free benchmark set at least weekly and reset on significant market moves. Specified discretionary and mandatory discounts over the benchmark apply by rating and duration. The benchmark and government security prices from an AMFI suggested agency must be used for same day valuation.
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Provisions expressly mentioned in the judgment/order text.
Valuation of securities: benchmark yields and specified fallback pricing rules govern mutual fund NAV valuation uniformly.
SEBI prescribes fallback valuation for non-traded securities: most recent trade within thirty days for non-debt and within fifteen days for debt (private placements eligible for fifteen days at purchase price). A debt security is thinly traded if no marketable-lot trades occur on the valuation date. Government securities yields are grouped by duration to form a volume-weighted risk-free benchmark set at least weekly and reset on significant market moves. Specified discretionary and mandatory discounts over the benchmark apply by rating and duration. The benchmark and government security prices from an AMFI suggested agency must be used for same day valuation.
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