Investing
portfolio disclosure
audit
Half-yearly portfolio disclosure in mutual funds
Half-yearly portfolio disclosure is the SEBI-mandated audited portfolio publication by mutual fund schemes for the periods ending 31 March (financial year-end) and 30 September (half-year). The disclosure provides investor-facing auditor-verified portfolio data, distinguishing itself from monthly portfolio disclosure (which is AMC-internal-verified, not externally audited).
For Indian retail investors, half-yearly portfolio disclosures complement monthly portfolio disclosures by providing audited assurance on the holdings information.
SEBI framework
Half-yearly periods
The disclosure covers:
- For the half-year ending 30 September: Published within 30 days of period-end.
- For the financial year ending 31 March: Published within 30 days of period-end.
Audit requirement
The half-yearly disclosure is audited by the AMC’s statutory auditors:
- Confirms the disclosed holdings match the AMC’s books and records.
- Confirms the valuation methodology was correctly applied.
- Identifies any material discrepancies or qualifications.
Publication channels
Half-yearly disclosures are published on:
- AMC website.
- Major financial-data portals.
- AMFI consolidated industry data.
Components
The audited half-yearly portfolio disclosure includes:
- Complete holdings: Every security in the scheme.
- Valuation methodology: Confirmed by auditor.
- Comparison with prior period: Often presented.
- Auditor’s certificate: Confirming the audit was performed.
- Notes to accounts: Material information about specific holdings or events.
Comparison with related disclosures
| Disclosure | Audited | Cadence | Detail |
|---|---|---|---|
| Monthly portfolio | No | Monthly | Complete holdings |
| Half-yearly portfolio | Yes | Half-yearly | Audited complete holdings |
| Half-yearly unaudited financials | No | Half-yearly | Financials only |
| Annual report | Yes | Annual | Full financials + portfolio |
Use cases
- Audit-confidence verification: Investors wanting auditor-confirmed holdings data.
- Period-end snapshot: Capturing scheme state at major reporting periods.
- Year-on-year comparison: Comparing FY year-end vs prior FY year-end.
- Regulatory cross-verification: Confirming consistency with monthly disclosures.
See also
- Mutual funds in India
- Monthly portfolio disclosure
- Half-yearly unaudited financials
- Mutual fund annual report
- AMFI standardised factsheet
- Compliance audit report (MF)
- SEBI half-yearly trustee report
- SEBI (Mutual Funds) Regulations 1996
- AMFI
External references
References
- SEBI Master Circular on Mutual Funds.
- AMFI Best Practice Guidelines on audited portfolio disclosure.
- ICAI auditing standards applicable to mutual fund scheme audits.