In order to standardise performance disclosure of schemes once they have been merged, markets regulator Sebi today asked mutual funds to disclose the weighted average performance of the new as well as the old product. There are no specific guidelines at present to govern the depiction of performance of the surviving scheme, pursuant to merger of MF schemes. Further, Sebi has observed that MFs adopt varied practices, such as disclosing the weighted average performance or performance of surviving schemes, while making such disclosures. Accordingly, through a circular, Sebi has decided to standardise the disclosure of performance of schemes post-merger and issued a framework in this regard. When two schemes, having similar features, are merged and the resultant 'surviving scheme' also has the same features, the weighted average performance of both the schemes needs to be disclosed, Sebi said. In addition, past performance of such a scheme, whose features are not retained post-merger, should also be made available on request with adequate disclaimer, it said. This circular would be applicable with effect from May 1, the Securities and Exchange Board of India (Sebi) said. The decision has been taken after taking into consideration views of the Sebi's MF advisory committee. Besides, the regulator said that when scheme A (transferor scheme) gets merged into scheme B (transferee scheme) and the features of scheme B or A are retained, the performance of the schemes whose features are retained needs to be disclosed. In case, transferor scheme gets merged with transferee scheme and a new product emerges after such consolidation, then the past performance need not be provided.