A few years ago, the Securities and Exchange Board of India (Sebi) took the somewhat scattered and large universe of mutual fund schemes and categorized them into buckets. This was meant to achieve multiple objectives—make schemes comparable across fund houses, force asset managers to be truer to label, and also cut down the number of schemes floating around. While this was indeed a good step, this exercise should be a constantly evolving one, especially with the benefit of hindsight of the last two years. It is now time for Categorization 2.0, a process that needs three critical steps.
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