SEBI aims to ensure that an asset management company has only one product offering in each category. This move would help the investors to take better decisions regarding investment schemes, the report added. There are 42 fund houses in the country which are managing funds of around Rs 20.6 trillion as at the end of August.
The Mutual Fund Advisory panel has recommended that funds be broadly segregated into equity, debt, hybrid and thematic. In categories such as equity and debt, there would be further sub-categories such as large cap and small cap, the report said.
Currently, SEBI nomenclature rules for mutual funds loosely define just two aspects; whether a fund is open-ended or close-ended and whether it invests in equity or debt.
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