Sebi on September 11 issued a circular guiding new portfolio allocation rules for multi cap mutual fund schemes where a multi cap fund has to invest at least 25% each in large cap, mid cap and small cap stocks. On Sunday evening, Sebi issued another circular to make clarifications regarding the initial circular. Sebi, in its clarification circular, allowed flexibility to mutual funds to comply with the new rules. It said, " Apart from rebalancing the portfolio, mutual fund houses can facilitate switch to other schemes by the unit holders or, merge their multi cap scheme with their large cap scheme or convert their multi cap scheme to another scheme category for an instance, large cum mid cap scheme.
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