The Securities and Exchange Board of India's latest draft circular on mutual fund categorisation reads like a regulatory recipe for reform, promising to transform the current carnival of confusing fund names into a coherent catalogue of investment options.SEBI's proposed sweeping overhaul tackles the industry's most persistent problems with characteristic regulatory resolve. The core of this transformation is the "true-to-label" mandate, which sounds deceptively simple but represents a major shift in how funds present themselves to investors.
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