Securities and Exchange Board of India (Sebi) on Wednesday extended the time for the Fund of Fund schemes (FoFs) to upload their net asset value (NAV) on the website of Association of Mutual Funds in India (Amfi) as well as their own website till 10 am the following business day as against the earlier practice of daily reporting.Fund of Funds are mutual funds that invest in MFs of other fund houses.In a circular issued by Sebi whole-time member R K Nair, the regulator said the NAVs of these schemes shall appear in the newspapers with a one-day time lag, and they will be made available with an asterix explaining that the NAVs do not belong to the prior day but a day before it.Sebi also said that delays beyond 10 am will be reported to Amfi andSebi as per regulator's past guidelines.
