New Delhi March 13 (Punjab Khabarnama): The mutual fund industry (MF) will now have to provide more information. Information ranging from number of investors to portfolio turnover ratio for smallcap and midcap funds has also been sought from them. This week MF is going to make public the first part of the industry risk test (stress test) report. According to the format for risk disclosure prescribed by the Association of Mutual Funds in India (Amfi), fund companies will have to disclose the total investments of the top 10 investors in two active schemes.Along with this, they will also have to disclose information related to risk assessment parameters such as standard deviation and beta of the portfolio. With the help of both, the uncertainty associated with the portfolio in comparison to macro indices is ascertained. The number of investors will help in knowing whether the funds of a scheme are with some specific investors or there are participation of many investors in it. Portfolio turnover ratio gives information about the steps taken by fund companies for selecting stocks.Apart from the stress test, fund companies will also have to provide information related to the price-to-earnings ratio and portfolio turnover ratio of the scheme and its benchmark index for the last 12 months. The Securities and Exchange Board of India (SEBI) has issued new instructions to protect investors of smallcap and midcap funds from valuation risks.The market regulator has also directed MF industry trusts to prepare a framework for investor protection. SEBI has also suggested measures like setting investment limits and portfolio rebalancing.Detailed guidelines related to stress test have also been issued in the format prepared by AMFI. Fund companies will have to tell how much time they need to reduce 25 per cent and 50 per cent of the portfolio.The least traded 20 per cent of the portfolio will not be included in the stress test. Amfi has said, ‘It will not be mandatory for asset management companies to sell securities on pro rata basis, but in case of stress test, mutual fund companies will sell securities on pro rata basis to provide equal treatment to all investors of the concerned scheme. Fund companies have also been asked to disclose the portion of largecap, midcap and cash in their smallcap and midcap funds.