The Securities and Exchange Board of India (SEBI) has issued instructions for asset management companies (AMCs) on how to adhere to Indian accounting standards (Ind AS). With effect from Apr 1,2023, Sebi revised mutual fund rules, requiring AMCs to prepare financial statements and accounts for mutual fund schemes in compliance with Ind AS. Mutual fund schemes will be required to submit an opening balance statement as of the changeover date and comparatives in accordance with the standards of Ind AS.