charm in India for ornamental purposes," Patel said.
In order to boost the mutual fund industry, Sebi has announced a slew of measures including expanding its distribution network and making investment more simpler and safer, among other steps.
The regulator has made it compulsory for fund houses to make more disclosures in the interest of investors. They are also required to shift to the one plan per scheme model, moving away from the present practice of cluttering one scheme with numerous plans.
At the same time, Sebi decided that any service tax would be charged to the ultimate investor, not to the asset management company (AMC), as is the practice at present.
Although, fund houses would be able to charge their investors a little bit more as incentive for expanding to small cities, but they would also have to set aside a small portion of their assets for investor education and awareness.
Speaking about the next year, Balasubramanian said, "On the basis of change in fundamentals, opportunities would arise from sectors in telecom, power and Industrials as we move into the year 2013."