In a bid to avoid confusion on how to disclose past performance of the schemes post-merger, the Securities and Exchange Board of India has issued a circular, directing mutual fund houses to follow uniform rules in the above context. The issue was discussed in Mutual Fund Advisory Committee and based on the recommendations it has been decided that when two schemes, having similar features, get merged and the resultant scheme also has the same features, the weighted average performance of both the schemes need to be disclosed. If two schemes have different features, fund houses can disclose the performance of the scheme whose features are retained. However, fund houses can also disclose the past performance of scheme which was not retained post-merger on request of investors with adequate disclosure. Meanwhile, where two schemes have merged to form a different scheme altogether, fund houses need not disclose any past performance. The circular shall be applicable with effect from May 1.