Total expense ratio of Indian mutual funds

The total expense ratio (TER) of an Indian mutual fund scheme is the ratio of all expenses charged to the scheme’s investors to the scheme’s assets under management, defined in Regulation 2 of the SEBI (Mutual Funds) Regulations 2026 and capped by Regulations 66 and 67. Since 1 April 2026 the TER is the sum of four parts: a capped base expense ratio (BER), brokerage, transaction cost and statutory levies including GST.

The Securities and Exchange Board of India caps the base expense ratio by scheme type and by size. An open-ended equity-oriented scheme may charge up to 2.10 per cent on its first Rs 500 crore of daily net assets, falling by slab to 0.95 per cent on assets above Rs 50,000 crore (Regulation 66(7)(c)). An index fund or exchange-traded fund may charge up to 0.90 per cent. The regulations, F. No. SEBI/LAD-NRO/GN/2026/294, are dated 14 January 2026, were published in the Gazette of India on 15 January 2026, and replaced the SEBI (Mutual Funds) Regulations 1996 , whose Regulation 52 had capped the TER at 2.25 per cent on an equity scheme’s first Rs 500 crore since 1 April 2019.

The expense ratio is accrued every day against the scheme’s net assets before the net asset value is published, so the investor pays it through a lower NAV rather than a separate debit. Every scheme offers a direct plan that pays no distributor commission and therefore carries a lower ratio than the regular plan. AMCs publish each scheme’s TER daily on their own websites and on the AMFI website.

The operating detail sits in the SEBI Master Circular for Mutual Funds No. HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026 dated 20 March 2026, Chapter 11, which replaced the master circular of 27 June 2024. This article covers the 2026 limits and how to compute them, the charges outside the cap, the direct-plan rule, disclosure and notice, the history from 1996, the industry data SEBI has published, and the complaint route.

Base expense ratio and total expense ratio

The base expense ratio is the capped part of a mutual fund’s costs, and the total expense ratio is the base ratio plus three uncapped or separately capped add-ons. Regulation 67(1) of the SEBI (Mutual Funds) Regulations 2026 sets the sum, and para 11.2.4 of the SEBI Master Circular of 20 March 2026 states it as a formula:

TER = Base Expense Ratio (BER) + Brokerage Cost + Transaction Cost incurred for the purpose of execution of trade + Statutory levies (including GST)

Regulation 66(7) builds the base expense ratio from three sources: the investment and advisory fee (66(4)), the recurring expenses listed in 66(5), and distribution commission (66(6)). It expressly excludes statutory levies on those expenses and the transaction costs in 66(10). Regulation 67(2) then closes the list: no charge other than the base ratio, brokerage, transaction cost, statutory levies and exit load may be charged to investors.

The split matters when reading a factsheet. The PPFAS Mutual Fund factsheet for September 2026 labels its figures “Base Expense Ratio” and refers readers to the AMC website for the TER, so the 0.53 per cent shown for the Parag Parikh Flexi Cap Fund direct plan excludes brokerage and GST. A factsheet ratio and the AMFI TER file can differ for the same scheme on the same day for this reason.

Who regulates the expense ratio

SEBI sets every expense limit for Indian mutual funds, through regulations made under Section 30 of the SEBI Act 1992 and through circulars issued by its Investment Management Department . Three documents govern the TER from 1 April 2026:

Table: Instruments governing the mutual fund expense ratio in India, as on 24 October 2026. Source: sebi.gov.in.

The First Amendment (GN/2026/307, 7 July 2026) and Second Amendment (GN/2026/324, 8 October 2026) to the 2026 regulations leave Regulations 66 and 67 unchanged. The consolidated text “last amended on October 10, 2026” on sebi.gov.in carries the same expense provisions as the gazetted text. AMFI , the industry body, hosts the industry-wide TER disclosure but sets no limit.

Base expense ratio slabs for open-ended schemes from 1 April 2026

Regulation 66(7)(c) of the SEBI (Mutual Funds) Regulations 2026 caps the base expense ratio of every open-ended scheme other than an index fund, an ETF or a fund of funds by a declining marginal schedule. An “equity oriented scheme” is defined in Regulation 2 as a scheme, other than an index fund or ETF, that invests at least 65 per cent of its net assets in equity and equity-related instruments; every other open-ended scheme, including debt, liquid and overnight funds, takes the second column.

Table: Maximum base expense ratio, open-ended schemes, effective 1 April 2026. Source: Regulation 66(7)(c), SEBI (Mutual Funds) Regulations 2026; band rates from 10,000 to 50,000 crore as set out in SEBI Press Release No. 84/2025 dated 17 December 2025.

The regulation itself writes the eight middle bands as a single row: on the next Rs 40,000 crore, an “expense ratio reduction of 0.05% for every increase of Rs.5,000 crores of daily net assets or part thereof.” SEBI’s press release of 17 December 2025 expands that row into the band rates shown above. The phrase “or part thereof” means a partly filled band still carries its reduced rate on the assets inside it.

Calculating the cap for a scheme

The schedule is marginal: each rate applies only to the assets within its band, and a scheme’s cap is the asset-weighted blend, not the rate of the band its total falls in. The examples below are webnotes.in calculations from the Regulation 66(7)(c) rates; the regulation states no rounding rule.

Table: Blended base expense ratio caps for equity-oriented open-ended schemes under Regulation 66(7)(c). Calculation: webnotes.in, 24 October 2026.

The Rs 1,000 crore case works out as Rs 500 crore at 2.10 per cent (Rs 10.50 crore), Rs 250 crore at 1.90 per cent (Rs 4.75 crore) and Rs 250 crore at 1.60 per cent (Rs 4.00 crore). The last row is the Parag Parikh Flexi Cap Fund , whose assets were Rs 1,45,070.50 crore on 30 September 2026 (PPFAS factsheet). Its regular plan’s base expense ratio of 1.05 per cent on that date sat at the blended cap computed from that day’s assets. The same arithmetic for a scheme other than equity oriented gives 1.6875 per cent at Rs 1,000 crore and 0.80 per cent at Rs 1,45,070.50 crore.

Caps for index funds, ETFs, funds of funds and close-ended schemes

Regulation 66(7)(a) and (b) of the 2026 regulations set flat caps, with no slabs, for close-ended schemes, passive schemes and funds of funds . A fund-of-funds cap includes the weighted average expense ratio of the underlying schemes.

Table: Flat expense caps by scheme type. Sources: Regulation 66(7)(a) and (b), SEBI (Mutual Funds) Regulations 2026; Regulation 52(6), SEBI (Mutual Funds) Regulations 1996, as amended by the Fourth Amendment Regulations 2018 (GN/2018/51, 13 December 2018, in force 1 April 2019).

Regulation 66(8) adds a second limit for a fund of funds: the base ratio it charges over and above the underlying schemes’ weighted average may not exceed twice that weighted average. The 2026 table has no separate line for overseas funds of funds or for interval schemes ; an overseas fund of funds falls under 66(7)(b)(iii) or (iv) by its equity share, and Regulation 66(7)(a) names only close-ended schemes. The 2018 amendment had grouped close-ended and interval schemes together at 1.00 per cent; whether an interval scheme now takes the close-ended or the open-ended limits is not stated in the 2026 text. Regulation 2 defines a close-ended scheme as one whose maturity period is specified, and each interval scheme’s scheme information document states which limit it applies. Plans that hold unclaimed redemption and dividend amounts are capped at the lower of the direct-plan base ratio and 0.50 per cent (Master Circular para 15.5.2).

Charges outside the base expense ratio

Three cost heads sit outside the capped base expense ratio from 1 April 2026, and each has its own rule:

• Brokerage. Regulation 66(9) allows brokerage above the base ratio of up to 0.06 per cent of trade value on cash-market transactions and 0.02 per cent on derivatives. Under the 1996 regime the caps were 0.12 and 0.05 per cent, inclusive of statutory levies; SEBI’s Press Release No. 84/2025 put the old caps net of levies at 8.59 and 3.89 basis points. Any brokerage above the cap is borne by the AMC.
• Transaction cost. Regulation 66(10) treats exchange, clearing corporation and clearing house levies on the scheme’s trades as transaction costs outside the base ratio.
• Statutory levies. GST on every expense head, securities transaction tax , commodities transaction tax and stamp duty are outside the base ratio. Under the 1996 regulations only GST on the investment management fee could be charged above the cap; GST on every other expense had to fit inside it. SEBI lowered the 2026 slabs partly to offset this change: Press Release No. 84/2025 says the upper slabs were revised “to limit the impact on cost structure of AMCs broadly to the extent of exclusion of statutory levies.”

The exit load is the one investor-level charge outside the TER. Regulation 44 of the 2026 regulations requires it to be credited to the scheme and caps it at 3 per cent of NAV for an open-ended scheme; Master Circular para 11.7.6 credits it net of GST. No exit load applies to bonus units, to reinvested dividends, or to a switch between the regular and direct plans of the same scheme (para 11.7.3). Entry loads have been banned since SEBI circular SEBI/IMD/CIR No. 4/168230/09 dated 30 June 2009 (entry load history ).

Expenses inside the base ratio and expenses the AMC must bear

Regulation 66(5) of the 2026 regulations lists, as items (a) to (o), the recurring expenses a scheme may pay from its own assets within the base expense ratio:

• marketing and selling expenses, including distribution commission;
• brokerage and transaction costs within the limits;
• registrar and transfer agent fees;
• trustee fees;
• audit fees;
• custodian fees;
• investor communication, fund transfer and the cost of statements and payouts;
• insurance, winding-up costs and statutory advertisements;
• storage of commodities, gold and silver, and listing fees;
• any other expense SEBI specifies or approves.

The investment and advisory fee under Regulation 66(4) has no separate numeric cap; it shares the base expense ratio with everything above and must be fully disclosed in the scheme information document . Para 11.3.1 of the Master Circular bars a scheme from paying expenses that include penalties, interest on delayed payments to unitholders, legal, marketing and general expenses not attributable to the scheme, fund accounting fees, investment or general management expenses, general administration, corporate advertising, infrastructure costs, depreciation and software development.

Regulation 66(2) puts any expenditure above the base limits on the AMC, the trustees or the sponsor, and allows the AMC to absorb a scheme expense only after the investment and advisory fee charged to the scheme is fully reversed. Regulation 66(3) puts all new fund offer expenses up to allotment on the same parties. Para 11.3.3 requires every scheme expense, commission included, to be paid from the scheme rather than the AMC’s books, with one exception: small high-volume items may be paid from the AMC’s books at actuals or 2 basis points of scheme assets, whichever is lower.

Distribution commission is paid under an all-trail model (Master Circular para 11.5), in place since SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137 dated 22 October 2018. No upfront commission is permitted, save a carve-out for first-time mutual fund investors on SIPs of up to Rs 3,000 a month per scheme: up to 1 per cent a year for up to three years, paid from the AMC’s books and amortised daily to the scheme. The trail commission itself is paid from the base expense ratio of the regular plan.

Direct plan and regular plan expense ratios

Every scheme has offered a direct plan since 1 January 2013, under SEBI circular CIR/IMD/DF/21/2012 dated 13 September 2012, and the rule now sits in para 3.4 of the Master Circular of 20 March 2026: the direct plan “shall have a lower expense ratio as no distribution commission is paid under such plan” and a separate NAV. Para 11.3.5 adds that no expense head in a direct plan, the investment and advisory fee included, may exceed the same head in the regular plan. The 2026 regulations themselves contain no direct-plan provision.

Table: Base expense ratios on 30 September 2026, last business day of the month. Source: PPFAS Mutual Fund factsheet, September 2026. Figures exclude brokerage, transaction cost and statutory levies.

The gap between the plans is the distribution commission, so it is widest where trail commission is highest and narrowest on liquid funds. During consultation the Association of Mutual Funds in India asked for an extra 10 basis points of allowance for direct plans; SEBI’s board memo for the 17 December 2025 meeting records the request as not accepted. The direct plan’s share of industry assets rose from 37.4 per cent in March 2019 to 45.1 per cent in March 2026 (AMFI-Crisil Factbooks), covered in direct-plan adoption in India and in the direct versus regular TER differential .

Investor education set-aside and the B-30 incentive

Para 11.9.1 of the SEBI Master Circular of 20 March 2026 requires each AMC to set apart, every year and within the base expense ratio limits, a share of daily net assets for investor education, awareness and financial inclusion:

Table: Investor education set-aside, Master Circular for Mutual Funds para 11.9.1, 20 March 2026.

The set-aside funds the AMFI campaign Mutual Funds Sahi Hai and AMC programmes (how the set-aside is spent ). Master Circular para 11.6, added by SEBI circular HO/(83)2025-IMD-POD-1/I/152/2025 dated 27 November 2025, provides for an extra distributor commission of 1 per cent, capped at Rs 2,000, payable from the set-aside for bringing in a new investor from beyond the top 30 cities or a new woman investor. ETFs, domestic funds of funds with more than 80 per cent in domestic funds, and overnight, liquid, ultra-short and low-duration funds are excluded. SEBI circular HO/(83)2025-IMD-POD-1/I/2027/2026 dated 7 January 2026 deferred the start; the revised start date could not be confirmed at a primary source, so none is stated here.

That incentive replaced the older B-30 additional expense , which let a scheme charge up to 0.30 per cent extra on assets sourced from beyond the top cities on the AMFI T30 list . AMFI circular CIR/ARN-23/2022-23 dated 7 March 2023 told distributors the B-30 structure was “in abeyance with effect from March 01, 2023, till the incentive structure is appropriately re-instated by SEBI.” The 2026 regulations contain no B-30 allowance, so the extra expense cannot return without a change to Regulation 66.

Daily disclosure and notice of a change

Para 11.2.2 of the SEBI Master Circular of 20 March 2026 requires every AMC to disclose the TER of every scheme daily, scheme-wise and date-wise, under the head “Total Expense Ratio of Mutual Fund Schemes” on its own website and on the AMFI website, as a downloadable spreadsheet in Format 7E. Infrastructure debt fund schemes are the only exception. Any item of expenditure above 10 per cent of a scheme’s total expenses must be disclosed in its accounts (para 11.2.3).

A change in base expense ratio needs prior notice. Para 11.4.1 requires the AMC to tell investors by email or SMS at least three working days before the change takes effect, and to post the notice on the website by the same deadline; the circular’s own example is a change effective 8 January 2026 needing notice by 2 January 2026. Para 11.4.2 exempts a change caused by movement in assets under management and any decrease required by regulation. Under paras 11.4.3 and 11.4.4 the AMC board must receive the rationale in writing and the trustees review changes quarterly.

The three-day rule dates from SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/18 dated 5 February 2018, which also introduced daily website disclosure. Chapter 11 grants no exit-without-load window for a change in base expense ratio; the 30-day exit option in para 22.10 applies only where the regulations require one, such as a change in a fundamental attribute. Circular 2018/137 also modified the consolidated account statement rules so that the statement shows each scheme’s average total expense ratio for the period.

Effect of the expense ratio on returns

The expense ratio compounds against the investor every year the money stays invested, because it is deducted from the scheme’s net assets daily. The table below is a webnotes.in calculation of Rs 10 lakh invested once for 20 years at an assumed 12 per cent gross annual return, with the expense ratio subtracted from that return each year. It ignores taxes and exit loads.

Table: Terminal value of Rs 10 lakh after 20 years by expense ratio, 12 per cent assumed gross return. Calculation: webnotes.in, 24 October 2026.

The 1.00 percentage-point gap between the regular plan (1.54 per cent) and direct plan (0.54 per cent) base expense ratios of the Parag Parikh ELSS Tax Saver Fund on 30 September 2026 is worth Rs 14.45 lakh on the same assumptions: Rs 87.58 lakh in the direct plan against Rs 73.13 lakh in the regular plan after 20 years. Moving from a regular to a direct plan is a redemption and a fresh purchase, so it triggers capital gains tax on the regular-plan units, though no exit load.

History of expense limits in India

India has had three expense-cap schedules since 1996, with the 2012 additions layered on the first, and each new schedule lowered the cap on the largest schemes. The SEBI (Mutual Funds) Regulations 1996 were published in the Gazette of India on 9 December 1996 (S.O. No. 856(E)).

Table: Mutual fund expense caps in India, 1996 to 2026. Sources: SEBI board memorandum, October 2018, para 2.4 (1996 limits); the Fourth Amendment Regulations 2018; the 2026 regulations.

1996 to 2012

The 1996 limits were 2.50, 2.25, 2.00 and 1.75 per cent for equity schemes on the first Rs 100 crore, the next Rs 300 crore, the next Rs 300 crore and the balance, and 0.25 percentage points lower at each step for debt schemes. SEBI’s October 2018 board memorandum records that these slabs “have not been modified or changed since” 1996. Additions accumulated on top of them: an extra expense for flows from smaller cities, an allowance in lieu of exit loads, and service tax (later GST) on the management fee.

The 2012 circular

SEBI circular CIR/IMD/DF/21/2012 dated 13 September 2012, “Steps to re-energise Mutual Fund Industry”, took effect on 1 October 2012 and made five expense changes:

1. An additional expense of up to 0.30 per cent where inflows from beyond the top 15 cities reached the higher of 30 per cent of gross new inflows or 15 per cent of year-to-date average assets, pro rata below that, clawed back on redemption within a year.
2. Service tax on the investment and advisory fee allowed above the cap; service tax on other expenses kept inside it.
3. A single plan structure for each scheme.
4. A direct plan with “a lower expense ratio excluding distribution expenses, commission, etc.” and a separate NAV, from 1 January 2013.
5. At least 2 basis points of daily net assets, within the TER, for investor education.

SEBI’s consultation paper of 28 October 2025 records that exit loads began to be credited to schemes in 2012, with an extra 0.20 per cent expense allowed in compensation. The 2012 circular does not contain that change, and the instrument that made it could not be confirmed at a primary source.

The 2018 reforms

SEBI changed the expense regime in three steps in 2018. Circular SEBI/HO/IMD/DF2/CIR/P/2018/18 dated 5 February 2018 brought daily TER disclosure and the three-working-day notice. Circular SEBI/HO/IMD/DF2/CIR/P/2018/137 dated 22 October 2018 moved distribution to the all-trail model, banned upfront commission, prohibited pass-back of commission, and required the B-30 additional expense to be computed on individual investors’ inflows only and paid as trail. It contains no slab table: its para F.3 leaves the other board decisions to an amendment of the regulations.

That amendment is the SEBI (Mutual Funds) (Fourth Amendment) Regulations 2018, No. SEBI/LAD-NRO/GN/2018/51 dated 13 December 2018, in force from 1 April 2019. It set the 2.25 per cent to 1.05 per cent equity slabs and the 2.00 per cent to 0.80 per cent slabs for other schemes, capped index funds and ETFs at 1.00 per cent, and capped funds of funds at 1.00, 2.25 and 2.00 per cent by underlying type. The 2025 consultation paper records that the same round of changes cut the exit-load allowance from 0.20 to 0.05 per cent and set the 0.12 and 0.05 per cent brokerage caps.

The 2023 consultation paper

SEBI’s consultation paper of 18 May 2023, “Review of Total Expense Ratio charged by AMCs to unitholders of schemes of Mutual Funds”, proposed bringing brokerage, the B-30 expense, the 0.05 per cent allowance and GST on the management fee inside the cap, and setting the slabs by an AMC’s total assets rather than scheme by scheme. Its equity regular-plan slabs ran from 2.55 per cent up to Rs 2,500 crore down to 1.30 per cent on the balance. It also floated a voluntary performance-linked expense ratio to be tested under SEBI’s regulatory sandbox. None of it was notified; SEBI’s October 2025 paper states that the feedback was folded into the comprehensive review of the regulations.

The 2025 review and the 2026 regulations

SEBI’s “Consultation Paper on Comprehensive Review of SEBI (Mutual Funds) Regulations, 1996”, issued on 28 October 2025, proposed the present structure: a capped base expense ratio, statutory levies outside it, removal of the 0.05 per cent exit-load allowance, and lower brokerage caps. The board approved a revised version at its 212th meeting on 17 December 2025 (Press Release No. 84/2025).

Table: SEBI’s proposed and final expense limits. Sources: SEBI consultation paper of 28 October 2025, Annexure C; SEBI Press Release No. 84/2025; Regulation 66, SEBI (Mutual Funds) Regulations 2026.

SEBI’s board memorandum explains the brokerage figure. In FY2024-25 the top 20 AMCs paid 3.9 to 5 basis points on cash-market trades and smaller AMCs 5.7 to 6.5 basis points, with derivatives at about 1 basis point, so the final 6 and 2 basis-point caps sit just above what the industry was paying. The memorandum also records that SEBI kept the removal of the 0.05 per cent allowance despite industry objections.

Expense ratios SEBI has measured across the industry

SEBI has published industry-wide expense ratios twice, in its 2018 board memorandum and its 2023 consultation paper. Both use asset-weighted averages for regular plans.

Table: Weighted average expense ratios of regular plans. Sources: SEBI board memorandum, October 2018, Table 7 (FY2017-18); SEBI consultation paper of 18 May 2023, para 4.9 (FY2021-22).

Two findings in those papers bear on the tightening. The 2018 memorandum found about 72 per cent of equity schemes charging at the cap or within 0.25 percentage points of it. The 2023 paper found that equity regular plans of up to Rs 500 crore had an average base TER of 2.12 per cent and a total TER of 2.78 per cent, which is 0.53 percentage points above the 2.25 per cent cap once add-ons are counted.

Performance-linked base expense ratio

The 2026 regulations permit, but do not yet operate, a performance-linked expense ratio. The proviso to Regulation 66(7)(c) says a scheme “that offers to charge base expense ratio based on the performance of the scheme shall comply with the expense ratio structure and disclosures thereto as specified by the Board from time to time.” SEBI’s board memorandum for 17 December 2025 says the modalities “may be prescribed by way of a Circular, pursuant to consultation with AMFI.”

The Master Circular of 20 March 2026 contains no such structure, and the circulars listed on sebi.gov.in as of 24 October 2026 include none prescribing one, so no scheme can yet charge a performance-based base ratio under the proviso. The idea has been rejected once: SEBI’s Mutual Fund Advisory Committee advised in 2018 that “TER should not be the tool to be used for rewarding or punishing the performance”, as recorded in the October 2018 board memorandum.

Common misreadings of the expense ratio

Several errors about Indian expense caps recur in secondary sources:

• The 2.25 per cent cap. It applied from 1 April 2019 to 31 March 2026 and is gone. The equity cap on the first Rs 500 crore is now a 2.10 per cent base ratio, with GST and other levies outside it, so the two figures do not compare directly.
• A flat liquid-fund cap of 1.05 per cent. No such cap exists in either the 1996 or the 2026 regulations; liquid funds take the slabs for schemes other than equity oriented.
• A factsheet ratio as the TER. PPFAS and other AMCs print the base expense ratio on factsheets. The TER in the AMFI file is higher by brokerage, transaction costs and levies.

Complaints about expense charges

A complaint that a scheme has charged expenses above its limit, or changed its base ratio without notice, follows the grievance route in the Investor Charter for Mutual Funds, Format 9D of the SEBI Master Circular of 20 March 2026:

1. The AMC or its investor service centre.
2. The AMC’s investor relations officer.
3. SEBI SCORES at scores.gov.in.
4. SEBI’s Office of Investor Assistance and Education, for a physical complaint.
5. The SMART ODR portal at smartodr.sebi.gov.in, if the complaint remains unresolved on SCORES or the investor is dissatisfied with the outcome (how to use SEBI ODR ).

Para 6.14 of the Master Circular requires every AMC to display the investor charter and link to SCORES. The daily Format 7E file on the AMFI website is the evidence for any complaint, since it shows the ratio actually charged on each date.

See also

• Mutual funds in India
• SEBI
• SEBI (Mutual Funds) Regulations 2026
• SEBI (Mutual Funds) Regulations 1996
• SEBI Master Circular for Mutual Funds 2026
• SEBI Investment Management Department
• AMFI
• TER regulation slabs
• Total expense ratio concept
• Total expense ratio of mutual funds
• Direct versus regular TER differential
• Regular plan versus direct plan
• Direct-plan adoption in India
• B30/T30 incentive framework
• T30 and B30 cities list
• Investor education funded from TER
• Mutual Funds Sahi Hai
• Mutual fund trail commission
• ARN mutual fund distributor
• Mutual fund exit load
• Mutual fund exit load cap
• Entry load history
• GST on mutual fund management fees
• Mutual fund stamp duty
• Securities transaction tax
• Index funds in India
• ETFs in India
• Fund of funds in India
• Close-ended mutual funds
• Interval schemes
• Liquid mutual funds
• Overnight mutual funds
• Tracking error of index funds
• Tracking difference of index funds
• Mutual fund NAV
• Mutual fund NAV computation
• Scheme information document
• Key information memorandum
• Mutual fund factsheet template
• Consolidated account statement
• Mutual fund custodian
• Mutual fund RTA
• Mutual fund trust structure
• SEBI SCORES
• SEBI Investor Charter for Mutual Funds
• Parag Parikh Flexi Cap Fund
• Parag Parikh Liquid Fund
• Capital gains tax in India

External references

• SEBI (Mutual Funds) Regulations 2026, Gazette text
• SEBI Master Circular for Mutual Funds, 20 March 2026
• SEBI Press Release No. 84/2025, board meeting of 17 December 2025
• SEBI consultation paper on comprehensive review of the MF Regulations, 28 October 2025
• SEBI consultation paper on review of TER, 18 May 2023
• SEBI (Mutual Funds) (Fourth Amendment) Regulations 2018
• SEBI SCORES

References

1. SEBI (Mutual Funds) Regulations 2026, F. No. SEBI/LAD-NRO/GN/2026/294, dated 14 January 2026, published in the Gazette of India on 15 January 2026, Regulations 2, 44, 66, 67 and 70.
2. SEBI Master Circular for Mutual Funds, No. HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026, 20 March 2026, paras 3.4, 6.14, 11.2 to 11.9, 15.5.2 and Format 9D.
3. SEBI Press Release No. 84/2025, decisions of the 212th board meeting, 17 December 2025, item 2.3B.
4. SEBI, Consultation Paper on Comprehensive Review of SEBI (Mutual Funds) Regulations, 1996, 28 October 2025, para 3.1.2 and Annexure C.
5. SEBI, Consultation Paper on Review of Total Expense Ratio charged by AMCs to unitholders of schemes of Mutual Funds, 18 May 2023, paras 4.9, 4.11 and 5.
6. SEBI (Mutual Funds) (Fourth Amendment) Regulations 2018, No. SEBI/LAD-NRO/GN/2018/51, 13 December 2018, in force 1 April 2019.
7. SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137, Total Expense Ratio (TER) and Performance Disclosure for Mutual Funds, 22 October 2018; and circular SEBI/HO/IMD/DF2/CIR/P/2018/18, Total Expense Ratio: change and disclosure, 5 February 2018.
8. SEBI circular CIR/IMD/DF/21/2012, Steps to re-energise Mutual Fund Industry, 13 September 2012.
9. AMFI circular CIR/ARN-23/2022-23, B-30 incentive structure, 7 March 2023.
10. PPFAS Mutual Fund, monthly factsheet, September 2026 (data as on 30 September 2026).