"Higher collections are due to our efforts to ensure high degree of transparency in the MF industry," said Sebi chairman DR Mehta. He was addressing a press conference in New Delhi on Friday, to declare the new IPO and MF norms.

However, the growth in collections was much lower when compared to last year's growth rate of over 167 per cent. The fiscal 1999-2000 had seen MFs mobilise Rs 61,000 crore against Rs 22,800 crore, during its previous year.

The slump in MF collections this year has been lead by loss of investor confidence after the ICE sector meltdown resulted in a drop in net asset values (NAVs) of most funds.

Mr Mehta also added that the regulator is working in close tandem with the Association of Mutual Funds in India (AMFI), to avoid any resistance from MFs to any of their reform measures.

In another notable disclosure, Sebi declared that 111 CIS entities, holding an amount of Rs 400 crore, have claimed to have repaid, or taken steps to repay, the money to its investor. It should be noted that the regulator had, on May 2000, issued show cause notices to 605 such entities and asked them to wind up their schemes and repay the investors. These companies had gobbled up Rs 2,309 crore from investors.

Sebi has information of about 645 such entities existing in India, after they furnished information as per the notice issued by the regulator in 1997. These companies have collected about Rs 2,681 crore from the public.

Thanks to its efforts, as many as 49 CIS entities with Rs 492 crores, have applied for registrations as on December 15, according to the market regulator. Court cases have been filed against five CIS entities, holding Rs 1129 crore of public money, which have failed to comply with Sebi directions.