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Sebi plans fresh round of mutual fund reforms
November, 16th 2009

Advisory committee for lower charges, stricter compliance.

The next set of reforms in the mutual funds industry is round the corner with the Securities and Exchange Board of India (Sebi) likely to lower the fund management charges and introduce stricter compliance standards.

The mutual funds advisory committee, which met on Friday, has recommended that asset management companies lower the fund management fee from the present level. Fund houses currently charge 1.25 per cent as asset management charges for the first Rs 100 crore garnered by a scheme, and 1 per cent thereafter. The advisory committee, comprising industry representatives and investor bodies, has suggested that the fee should be lowered as the assets under management increase.

The recommendation comes just as the dust was settling over the ban on entry load and the revamp of the exit load structure. The ban on entry load from August has led to complaints from fund houses that can no longer pass on distribution costs to investors.

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