The key proposals from SEBI’s latest consultation paper include the removal of the 5-bps exit load, revised expense ratio slabs excluding statutory levies, and tighter caps on brokerage fees. A Kotak Institutional Equities report analyses a few pertinent aspects related to AMC financials. As per the report, if AMCs were to absorb the entire impact of the 5-bps exit load removal, revenues could decline by around 5% and core PBT by around 9-12%. The creation of new TER slabs below 15 bps could also result in lower distribution commissions for select large funds. Key findings:

Published on November 4, 2025