Management of Mutual Fund
28. Money Market Funds with constant NAV (MMF constant NAV)
(1) A mutual fund having the investment policy in money market funds which specify constant offering and repurchase prices all the time, or MMF constant NAV, shall not file for automatic approval of the fund establishment.
(2) The calculation for the number of investment units
(2.1) Fix the investment unit value and price as specified in the scheme;
(2.2) Calculate the NAV and investment unit values using a fair price. The value per investment unit shall be rounded up to a minimum of 10 decimal digits according to international standards.
(2.3) Increase or reduce the number of investment units or take any actions as specified in the scheme to maintain the investment unit at a constant price. Investment unit values allotted to each unitholder shall be rounded up to 2 decimal digits according to the international standards. In the case of any remaining investment unit value, the value shall be rounded up for each unitholder not more than 0.01 baht at a time in order of the value of the holding from the greatest to the least
(3) Daily disclosure of an increase or reduction of the investment units
The mutual fund management company shall inform the mutual fund supervisor and all unitholders through appropriate channels such as company's website.
(4) Sale and redemption of the investment units
In the case that the mutual fund management company makes a payment for redemption of the investment units on day T, the mutual fund management company shall also reduce the number of the investment units on the day T.
(5) Actions to take in the case of an incorrect number of the investment units
(5.1) In the case that the incorrectness occurs in the calculation of the NAV or the investment unit values for which the incorrect value accounted for 0.5% of the correct values, the mutual fund management company shall (1) calculate and correct the investment unit values retroactively from the day that the incorrectness was found; and (2) prepare a report on the corrections of the past investment unit values to submit to the mutual fund supervisor and take any actions to inform the investors about the case.
(5.2) In the case that the incorrectness occurs after the adjustment of the investment price to remain constant, the mutual fund management company shall adjust the number of the investment units according to the changes in NAV or the investment unit values.