Investing
financial disclosure
SEBI
Half-yearly unaudited financials of mutual fund schemes
Half-yearly unaudited financials are the SEBI-mandated income-statement and balance-sheet disclosures by mutual fund schemes for the half-year ending 30 September (in addition to the audited year-end financials at 31 March). The half-yearly disclosure provides interim financial transparency, particularly useful for tracking scheme-level income, expenses, and AUM evolution between annual reports.
For Indian retail investors, the half-yearly unaudited financials complement half-yearly portfolio disclosure by showing how the scheme operationally performed (income from investments, expense ratio actual versus disclosed, etc.) over the period.
SEBI framework
Period and publication
- Period covered: 1 April to 30 September (first half of financial year).
- Publication deadline: Within 30 days of half-year end.
- Unaudited basis: AMC-prepared, not externally audited (audit happens at year-end annual report).
Components
The half-yearly financial disclosure includes:
- Revenue statement (income statement):
- Income from investments (dividend, interest, capital gains).
- Other operating income.
- Total income.
- Expenses (management fees, audit, custodian, trustee fees).
- Net income / loss.
- Statement of net assets:
- Investments at fair value.
- Other assets (receivables, cash).
- Liabilities (expense accruals).
- Net assets.
- Per-unit data:
- NAV at half-year end.
- Income per unit.
- Expense per unit.
Comparison with annual financials
| Aspect | Half-yearly | Annual report |
|---|---|---|
| Audited | No | Yes |
| Period | 1 Apr to 30 Sep | 1 Apr to 31 Mar (12 months) |
| Auditor’s certificate | None | Required |
| Detail level | Summary | Comprehensive |
| Publication | 30 days post period-end | 4 months post FY-end |
Use cases
- Mid-year operational review: Track AUM growth, expense ratio actuals.
- Interim performance assessment: Income, gains, capital flows.
- Year-on-year comparison: Compare H1 vs prior-year H1.
See also
- Mutual funds in India
- Half-yearly portfolio disclosure
- Mutual fund annual report
- Monthly portfolio disclosure
- AMFI standardised factsheet
- Compliance audit report (MF)
- SEBI half-yearly trustee report
- Total Expense Ratio (TER)
- Scheme performance vs benchmark
External references
References
- SEBI Master Circular on Mutual Funds covering financial disclosure.
- AMFI guidelines on interim financial disclosure.