Mutual fund regulation overhaul: Sebi eyes investor focus, industry ease; new rules, categories on the way
Sebi is working on a comprehensive review of mutual fund regulations to make them more investor-centric and industry-friendly, a senior official said on Saturday.
'We are reviewing the entire mutual fund regulatory framework to enhance ease of doing business for all stakeholders, including the regulator,' said Manoj Kumar, executive director at Sebi, at the 17th Mutual Fund Summit hosted by the Indian Chamber of Commerce, reported PTI.
He said a draft of the new regulations will be released for public feedback before being finalised, although no timeline was given.
The remarks come amid calls from stakeholders for simplification of existing norms, which are among the lengthiest in the financial sector. According to Kumar, the regulatory overhaul is part of a broader roadmap aimed at deepening India's securities market, with mutual funds playing a 'critical pillar' in promoting inclusive financial growth.
Kumar said the reforms are in line with Sebi's 'optimum regulation' approach, which balances the interests of regulators, investors, and the industry.
India's mutual fund industry has crossed Rs 72 lakh crore in assets under management (AUM), and monthly SIP contributions have touched Rs 28,000 crore. However, only about five crore people invest in mutual funds in a country of 140 crore, he pointed out.
Sebi is also reviewing scheme categorisation rules to ensure funds remain 'true to label' and are easier for investors to understand, helping prevent mis-selling.
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A new product category, Strategic Investment Fund (SIF), aimed at investors with ticket sizes between Rs 10 lakh and Rs 50 lakh, has been approved and will be managed by mutual funds.
Kumar said Sebi is also simplifying processes for Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs), which will offer similar investor options.
Addressing concerns about stress-test disclosures for mid- and small-cap funds, Kumar reiterated Sebi's disclosure-based regulatory approach.
'Informed investors are central to market resilience,' he said, adding that Sebi is open to streamlining compliance.
'Our goal is not to disrupt but to allow business to thrive,' Kumar said.
On regional expansion, Kumar emphasised the potential in eastern India and the Northeast, calling them strategic regions for deepening mutual fund penetration.
AMFI CEO V N Chalasani, also speaking at the summit, said India is evolving from financial inclusion to financial well-being.
However, mutual fund AUM still makes up only 20% of India's GDP, compared to a global average of 65%, he said.
He called for greater financial literacy in Tier 3 and Tier 4 towns and cited new AMFI initiatives including school programmes, India Post tie-ups, and product innovation to reach mid-income investors.
'Every Indian can evolve from a saver to an investor and ultimately a wealth creator,' Chalasani said.
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