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The Securities and Exchange Board of India’s (Sebi’s) reclassification of equity mutual funds seems to have led to a sharp fall in many mid- and small-cap stocks. This, in turn, is hurting many fund managers in the portfolio management services (PMS) space who placed bets on them. “Many schemes have started selling certain stocks in block deals. And many PMS players who were invested in these stocks are feeling the pinch,” said the chief executive officer (CEO) of a fund house.
South India-based Equity Intelligence founder Porinju Veliyath, who, according to sources, runs a Rs 10 billion PMS, wrote to
