The Securities and Exchange Board of India’s (Sebi’s) circular of October 6, 2017 upended the Indian mutual fund industry. This circular, on “Categorisation and Rationalisation of Mutual Fund Schemes” was aimed at bringing in uniformity in the labelling of various schemes. Since these guidelines have taken effect, investing in a large-cap scheme means putting money in a fund that has over 80 per cent invested in the equity of the 100 largest companies by market capitalisation. Equivalent definitions extend across all categories.
Much like Sebi’s rules that altered the Indian mutual fund industry, European funds are getting a makeover as the
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