Sebi gives flexibility to mutual funds to comply with new multi cap rules

Sebi issued another circular on Sunday evening to provide clarification on its September 11 circular on 'portfolio allocation rules for multi cap funds.' Sebi said, the need to change the asset allocation in multi cap funds arose to make them 'true to their label'. "In order to achieve the objectives of True to Label and Appropriate Benchmark, a need was felt to review the scheme characteristics of Multi Cap schemes and take necessary steps to clearly distinguish Multi Cap schemes from other category of schemes," read Sebi's clarification circular.

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