SEBI liberalises Mutual Funds Lite framework, introduces new product bridging MF and PMS

The Securities and Exchange Board of India (SEBI) held its board meeting yesterday and announced a slew of measures. In a key decision, the board has liberalised Mutual Funds Lite (MF Lite) framework for passively managed schemes of mutual funds under which there would be a series of relaxed regulatory requirements designed to facilitate easier entry into the mutual fund market. Barriers related to net worth, track record, and profitability would be reduced.