SBI Tax Advantage Fund - Series III - Direct (G)

The proposal comes as part of a larger consultation paper aimed at reviewing the framework governing permissible business activities for AMCs. SEBI has invited public comments on the paper until July 28, 2025.

At present, AMCs are only allowed to manage and advise on pooled assets that meet the 'broad-based' definition, essentially, funds with at least 20 investors and no single investor holding more than 25% of the corpus. Services to non-broad-based funds currently require a separate Portfolio Management Services (PMS) license.

SEBI noted that this requirement has acted as a barrier, limiting AMCs' ability to compete on equal footing with other intermediaries offering similar services. The industry, led by representations from AMFI, has long called for this regulation to be eased, arguing that AMCs have the expertise to manage such assets, but are unable to tap into the opportunity due to regulatory constraints.

SEBI acknowledged that relaxing the rules could create several conflict-of-interest risks. These include the possibility of higher fees being charged to non-broad-based clients, potential diversion of resources, front-running, and use of insider information from mutual fund operations. There's also concern that AMCs might transfer poor-quality assets between different fund types to the detriment of mutual fund investors.

To mitigate these risks, SEBI has proposed a detailed set of safeguards. AMCs would be required to segregate key personnel, implement automated order management systems, and disclose fee differentials along with performance comparisons between broad-based and non-broad-based funds. A cap or range on fees may also be introduced to prevent preferential treatment.

The regulator is also considering allowing AMCs and their subsidiaries to engage in activities ancillary to fund management. These include acting as Points of Presence (POP) for pension funds under PFRDA’s regulatory framework, and operating as global distributors for funds managed or advised outside India. However, AMCs must ensure that such activities are handled through subsidiaries and remain within the scope of recognized regulatory oversight, either domestically or in foreign jurisdictions.

Another key area under review is resource sharing between mutual fund and PMS units. SEBI has offered two alternatives: either PMS activities be carried out through a separate subsidiary with distinct personnel, or within the AMC as a ring-fenced unit reporting directly to the board, with clear segregation of responsibilities and no overlap in fund management roles.

In both cases, shared use of research resources may be permitted to control costs, but safeguards must be in place to avoid misuse of sensitive information.

SEBI has called for public suggestions on the proposed changes, particularly on the relaxation of the broad-basing requirement, the nature of safeguards required, and the appropriate structure for shared services and new business lines. The consultation paper is available on SEBI’s official website, and feedback can be submitted via a web form or email until July 28, 2025.

Change in Fund Manager:

Details of Mr. Aditya Kulkarni

Age: 25

Designation: Dealer – Equities

Qualification : MBA in Finance Management & BE in Electrical Engineering

Experience : 2

ITI Balanced Advantage Fund:

Regular Plan – IDCW: 0.10

Direct Plan – IDCW: 0.10

Details of Mr. Siddhartha Chaturvedi

Age: 43

Designation: Chief Information Security Officer

Qualification : B.Tech. – Information Technology, CISA, CEH, CND, CCNA (S & R), CCNA (Security), ITIL Foundation, RBI Certified Cyber Security Professional (Under AVTU) Mission, ISEA Certified Cyber Hygiene Practitioner from MeITY

Experience: 16

Details of Mr. Keshav Sharma

Age: 44

Designation: Chief Risk Officer

Qualification : PGDM - Finance Management,
Executive Alumni of IIIM-K,
Ceritficate in Financial Risk and Regulations from GRAP,
Fellowship from the Insurance Institute of India (FIII),
B. Com

Change in Fund Manager:

Change in Fund Manager:

Change in Fund Manager:

Change in Fund Management Responsibilities

*Ceases to be Fund Manager with effect from close of business hours of July 1, 2025.

Change in the name of the Schemes:

Change in name of Benchmark of Axis Floater Fund

Change in name of Benchmark of Groww ELSS Tax Saver Fund

Change in Fund Manager:

Details of Mr. Mayur Chauhan

Age: 38

Designation: Fund Manager – Fixed Income

Qualification : B.Com, MBA

• Investors registered with SIPs of less than ₹100 per instalment are given an option to top-up their Instalment amount to ₹100 or above till July 31, 2025 (applicable across all frequencies and all plans of all schemes of Navi Mutual Fund except ELSS funds).

• Investors may choose to voluntarily cancel their SIPs at any time on or before July 31, 2025, through the existing SIP cancellation process.

• In case no action is taken by the investor on or before July 31, 2025, such SIPs shall be automatically cancelled with effect from August 01, 2025.

Change in Fund Manager:

ICICI Prudential Equity - Arbitrage Fund:

Regular Plan – IDCW: 0.0500

Direct Plan – IDCW: 0.0500

ICICI Prudential Multi - Asset Fund:

Regular Plan – IDCW: 0.1600

Direct Plan – IDCW: 0.1600

Invesco India Balanced Advantage Fund – Regular IDCW Option & Direct IDCW Option: 0.25

Change in the name of the Schemes: