Half-yearly unaudited financial results of a mutual fund scheme
Half-yearly unaudited financial results for mutual fund schemes are condensed financial statements mandated by SEBI that AMCs must publish for each scheme for the half-year periods ending 30 September and 31 March. Unlike the scheme’s annual report , which contains fully audited financials, the half-yearly results are unaudited (reviewed but not audited) and are published in a shorter format. They are one of the key periodic financial disclosures through which mutual fund investors can assess the financial health of their schemes between annual audit cycles.
Regulatory basis
Regulation 70(2) of the SEBI (Mutual Funds) Regulations 2026, in force from 1 April 2026, requires AMCs to host unaudited financial results for each scheme on their website within one month of each half-year ending 31 March and 30 September, in the format SEBI specifies. Para 6.3.1 of the SEBI Master Circular for Mutual Funds dated 20 March 2026 sets that format as Format 4A and requires hosting on both the AMC and AMFI websites in a downloadable, machine-readable form. The 1996 predecessor was Regulation 59 with the Twelfth Schedule, not Regulation 56, which governed the annual report.
Regulation 70(2) replaces the newspaper advertisement that the 1996 Regulation 59(2) required with a written communication to unitholders, including e-mail or SMS, stating that the results are available.
Contents of the half-yearly financial results
The half-yearly unaudited results follow a prescribed format that includes:
Revenue account (income and expenditure)
For the six-month period:
- Income: dividend income (on equity holdings), interest income (on debt holdings), realised gain/loss on securities (if applicable), unrealised gain/loss (marked-to-market change in portfolio value)
- Expenditure: management fees (expense ratio charged), trustee fees, custodian fees, registrar fees, legal and audit fees, marketing and distribution expenses
- Net surplus/deficit for the half-year
Balance sheet (statement of assets and liabilities)
As of the half-year end:
- Assets: investments at market value, receivables (dividends, interest accrued), cash and bank balances, other assets
- Liabilities: payables (redemption proceeds, expenses), outstanding subscriptions
- Net assets (unit capital + reserves + undistributed income)
- Net assets per unit (equivalent to NAV as of the half-year end)
Notes to accounts
Key accounting policies, related-party transactions (such as investments by the AMC or sponsor in the scheme), any overdue obligations, and significant post-balance-sheet events.
Key differences from the annual audited report
| Feature | Half-yearly results | Annual scheme report |
|---|---|---|
| Audit status | Unaudited (reviewed) | Fully audited |
| Period covered | 6 months | 12 months |
| Format | Condensed | Full financial statements |
| Newspaper publication | Not required since 1 April 2026; e-mail or SMS notice instead | Not required |
| Timelines | Within 1 month of half-year end (Regulation 70(2)) | Within 4 months of financial year end (Regulation 70(1)(a)) |
Use cases for investors
- Expense ratio monitoring: Investors verify whether the effective expense ratio (as shown in the expenditure section) matches the disclosed TER in the factsheet .
- Income tracking: For IDCW (dividend) schemes, the income and dividend distribution sections confirm the source and quantum of distributions made.
- Fund viability check: Very small schemes may show disproportionately high expense ratios and minimal income; the half-yearly results make this visible.
- Related-party transaction disclosure: Investors can identify if the sponsor or AMC has been parking money in the scheme, which may distort the scheme’s AUM and performance metrics.
Where to find half-yearly results
Half-yearly unaudited results are published:
- On the AMC’s website, usually under “Investor Relations” or “Regulatory Disclosures”
- On AMFI’s website
- Notified to unitholders by e-mail or SMS under Regulation 70(2) of the 2026 Regulations, which replaced the newspaper notice of the 1996 Regulation 59(2)
See also
- Annual report of MF scheme
- Half-yearly portfolio statement
- AMFI scheme factsheet
- SEBI half-yearly trustee report
- Mutual fund
- SEBI
References
- SEBI (Mutual Funds) Regulations 2026, Regulation 70(2); SEBI (Mutual Funds) Regulations 1996, Regulation 59 and Twelfth Schedule.
- SEBI Master Circular for Mutual Funds, HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026 dated 20 March 2026, Para 6.3.1 and Format 4A.
- SEBI circular SEBI/IMD/CIR No. 8/132968/2008 – Half-yearly financial results format.
- AMFI guidelines on half-yearly financial disclosures (current edition).