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Mutual Fund Ind AS

The mutual fund industry in India dates back to 1963, when Unit Trust of India was formed at the initiative of the Government of India. With the entry of numerous mutual fund players and several products across the asset classes, the industry has come a long way. The Mutual Fund Industry’s Assets under Management (‘AUM’) has grown from INR 22.20 trillion as of 28 February 2018 to INR 39.46 trillion as of 28 February 2023, i.e., around a 2-fold increase in a span of 5 years.

Currently, there are 43 AMCs operating in India, which are regulated and governed by the SEBI (Mutual Funds) Regulations, 1996. The financial statements for mutual fund schemes comprising the Balance Sheet, Revenue Account, and Cash Flow Statement are required to be in conformity with the accounting policies and standards specified in the Ninth Schedule to the SEBI (Mutual Fund) Regulations, 1996, as amended.

On 25 January 2022, SEBI mandated the AMCs and Mutual Fund Schemes to prepare financial statements in accordance with Ind AS with effect from 01 April 2023. Additionally, vide circular dated 4 February 2022 (‘the circular’), SEBI has specified the requirements for preparation of the opening balance sheet as on the date of transition and the comparatives as per Ind AS along with the additional information required as part of the detailed disclosures. SEBI has also prescribed the format in which the financial statements of the mutual fund schemes shall be prepared.

This publication articulates the key aspects pertaining to the implementation of Ind AS by mutual funds. We also look at recommended next steps for AMCs and Mutual Fund Schemes. 

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