Public Data. Zero Conflicts.
Every number on BullWiser — every NAV, every expense ratio, every fund category — originates from officially mandated disclosures published by Indian fund houses to AMFI India under SEBI's regulations. We do not buy proprietary data, we do not receive data feeds from AMCs in exchange for favourable treatment, and we do not estimate or impute any values.
This page documents exactly where each data point comes from, how often it refreshes, and the honest limitations you should know about before making any investment decision.
Who Publishes the Data
The Association of Mutual Funds in India (AMFI) is the industry body mandated by SEBI to collect and publish daily NAV files, TER disclosures, fund category classifications, and portfolio holdings for all ~45 AMCs operating in India. This is the primary, authoritative source for all Indian mutual fund data.
amfiindia.com ↗MFApi.in is a free, open API that mirrors AMFI's daily NAV file and makes it queryable by scheme code. It provides historical NAV data going back to fund inception, enabling calculation of rolling returns, CAGR, and drawdown. BullWiser uses MFApi.in as the programmatic interface to AMFI's underlying data.
mfapi.in ↗The Securities and Exchange Board of India (SEBI) is the apex regulator that mandates all AMCs to disclose NAVs, TERs, portfolio holdings, and fund categorisation. SEBI's CIRCULAR/IMD/DF/21/2012 and subsequent circulars define the rules AMCs must follow — rules that make AMFI's data reliable and standardised.
sebi.gov.in ↗How Data Flows Into BullWiser
From Fund House to Your Screen
How Often Each Data Point Updates
| Data Point | Source | Update Frequency | Typical Lag |
|---|---|---|---|
| Net Asset Value (NAV) | AMFI India via MFApi.in | Daily | Published by 11 PM IST each business day. BullWiser caches same night. |
| Trailing Returns (1Y, 3Y, 5Y) | Calculated from MFApi.in NAV history | Weekly | Recalculated weekly using latest NAV. ~1–7 day lag from last calculation. |
| Expense Ratio (TER) | AMFI TER Disclosure | Monthly | AMFI publishes updated TER by the 10th of each month. Up to 40-day lag possible. |
| Portfolio Holdings | AMC Monthly Disclosures via AMFI | Monthly | AMCs must publish by the 10th of the following month. Reflects end-of-month portfolio. |
| BullWiser Score | Computed from above inputs | Weekly | Scores recalculated weekly. Score uses latest available data for each pillar. |
| Fund Metadata (name, category, AMC, inception date) |
AMFI India Scheme Master | Monthly | Updated when new funds launch or category changes occur per SEBI circulars. |
| Sharpe Ratio / Drawdown | Calculated from NAV history | Weekly | Risk metrics computed weekly using rolling 3-year NAV window. |
What We Cover — and What We Don't
✅ What BullWiser Covers
- All SEBI-categorised mutual funds available for direct investment in India — equity, debt, hybrid, solution-oriented, and index/ETF schemes
- Both Regular and Direct plans for eligible schemes
- Growth and IDCW (dividend) options where NAV history is available
- All ~45 SEBI-registered AMCs operating in India as of the last data refresh
- Historical NAV data from fund inception date, subject to MFApi.in's coverage
⚠️ What BullWiser Does Not Cover
- International mutual funds or overseas ETFs not registered with SEBI India
- Portfolio Management Services (PMS) — these are separately regulated and not AMFI-disclosed
- Alternative Investment Funds (AIFs) — Category I, II, III
- Unlisted / closed schemes for which AMFI no longer publishes NAV
- Real-time or intraday NAV (only end-of-day closing NAV is used)
- National Pension Scheme (NPS) — governed by PFRDA, not SEBI/AMFI
Honest Limitations You Should Know
BullWiser is built on public data that has inherent constraints. Here is what we know and disclose about those constraints:
⚠️ Known Data Limitations
- NAV lag: NAV data is published end-of-day by AMFI. There is typically a 12–24 hour lag between market close and the NAV appearing on BullWiser. Do not rely on BullWiser for intraday or real-time NAV.
- Holdings lag: Portfolio holdings data can be up to 30–40 days old. An AMC's portfolio as shown on BullWiser reflects their last disclosed month-end portfolio, not the current live portfolio. Fund managers can and do trade between disclosure dates.
- Expense ratio lag: TER values can be up to 40 days behind if AMFI has just released a new month's data but we haven't refreshed yet. TERs change infrequently but do fluctuate as AUM changes.
- Incomplete history: Some smaller or newer funds may have gaps in their MFApi.in history. Where fewer than 3 years of data exists, BullWiser marks the fund as UNDER EVALUATION and does not compute a full score.
- Scheme merge / restructuring: When AMCs merge or restructure schemes (as happened industry-wide after SEBI's categorisation circular in 2018), historical NAV continuity may be affected. We use the scheme code as the primary identifier — a restructured scheme may show a shorter effective history.
- No forward-looking data: BullWiser scores are entirely backward-looking. Past performance does not guarantee future returns. A fund scoring 8/10 today may underperform tomorrow. This is an inherent limitation of all quantitative fund analysis, not specific to BullWiser.
Frequently Asked Questions
Not Investment Advice: The data and analysis on BullWiser.com is for educational and informational purposes only. BullWiser is not a SEBI-registered investment adviser. Nothing on this site constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Please read our full Disclaimer.