Reclassification of mid cap and small cap mutual funds to be undertaken by market regulator.
In a bid to enable mutual funds schemes to invest in wider set of stocks, the Securities and Exchange Board of India (SEBI) is looking to reclassify mid cap and small cap mutual funds.
SEBI had in 2017 introduced categorisation and rationalisation of mutual funds schemes so that investors could make accurate comparison of schemes. Prior to this, each fund house would employ its own criteria for deciding the classification as there was no standard definition.
Mutual fund managers claim that categorization had taken away their flexibility to invest, resulting in money flowing into a set of stocks, which has impacted performance of mutual funds schemes. [ET Wealth]
Rise and Revolt
Nearly one lakh employees of Life Insurance Corporation (LIC) staged an hour-long walk-out on Tuesday against the government's decision to sell a part of its stake in the life insurance major through an initial public offering (IPO). News18
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