The committee is also expected to decide that, Wednesday would be the uniform day of the week for calculation and declaration of net asset values (NAV) of close-ended schemes of MFs, in line with the recommendation of the Association of Mutual Funds of India (Amfi).

"The issue of code of conduct for trading by employees of mutual funds would be discussed by the committee shortly," Sebi executive director in-charge of mutual funds Ashok Kacker told The Financial Express here on Friday.

In its last meeting, the committee has decided that MFs should follow minimum uniform international standards for trading by employees, so that, a conflict of interest between the transactions of employees and the funds could be avoided. The move is also intended to ensure that there was no front running and insider trading and interests of unit holders are not affected adversely. Mr Kacker said an association of AMCs in US has evolved such a code and based on this, mutual funds have developed their own code for employees. This works in the US as a self-regulatory mechanism.

"However, Sebi will be regulating the issues pertaining to the code unlike it is in the US," Mr Kacker added.

The panel has decided to have a common day for publication of NAVs of close-ended schemes in consultation with Amfi. Amfi has found that Wednesday would be appropriate for such a thing, considering that if the day being a public holiday there would be an opportunity for the MFs to publish the data the next day.

"If the uniform day for NAV publication is at the week-end, then the day of publication of such data would flow into the next week technically. To avoid this situation we have decided on Wednesday for the purpose and conveyed the same to the regulator," AMFI chairman AP Kurian told The Financial Express.