https://www.taxtmi.com/circulars?id=60983 Mutual funds may use derivatives for hedging and portfolio rebalancing only if hedges are effective and sized to avoid over hedging or naked exposures; options are assessed by notional and worst case exposures (not just delta); combined cash and derivative positions must remain within maximum permissible holding limits; long index positions cannot create impermissible leverage; funds must show worst case short exposure is covered by existing positions and worst case long exposure plus existing holdings is within permissible limits. en-us Tue, 31 Dec 2002 00:00:00 +0530 Thu, 16 May 2019 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=60983 Mutual funds may use derivatives for hedging and portfolio rebalancing only if hedges are effective and sized to avoid over hedging or naked exposures; options are assessed by notional and worst case exposures (not just delta); combined cash and derivative positions must remain within maximum permissible holding limits; long index positions cannot create impermissible leverage; funds must show worst case short exposure is covered by existing positions and worst case long exposure plus existing holdings is within permissible limits. Circulars SEBI Tue, 31 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/circulars?id=60983