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DCM Shriram Industries revises record date for scheme of arrangement

Published on Dec 18, 2025 14:11

DCM Shriram Industries has revised the record date for deciding entitlement for allotment of shares in Resultant company 1 (DCM Shriram Fine Chemicals) and Resultant company 2 (DCM Shriram International) as per the Scheme of Arrangement, due to certain formalities to be completed with regard to the extinguishment and allotment of shares to the shareholders of Transferor company (Lily Commercial). The revised record date is 26 December 2025.

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SEBI overhauls mutual fund expense rules to boost transparency

Published on Dec 18, 2025 10:17

India`s market regulator, the Securities and Exchange Board of India, on Wednesday (17 December 2025) rolled out a fresh framework for how mutual fund costs are charged and disclosed, aiming to make fees clearer and strengthen safeguards for investors.

Earlier, mutual fund expense limits bundled multiple statutory and regulatory charges together. This often blurred the true cost of fund management for investors. The Securities and Exchange Board of India has now separated these elements to improve clarity.

At the centre of the change is a new measure called the Base Expense Ratio, or BER. This will reflect only the core fee charged by a mutual fund scheme for managing investors` money. Taxes and regulatory charges will no longer be included in this base figure.

Levies such as securities transaction tax, commodity transaction tax, GST, stamp duty, SEBI fees and exchange charges will be charged separately, based on actuals. These costs will be over and above the base expense ratio and brokerage.

As a result, the total cost borne by an investor will now be split into four distinct parts. These include the base expense ratio, brokerage, statutory levies and regulatory charges. SEBI said this structure improves transparency, even if it does not immediately translate into significantly lower overall expenses.

The regulator has also tightened base expense ratio caps across fund categories. For index funds and exchange traded funds, the maximum BER has been set at 0.9%, lower than the earlier 1% ceiling that included levies.

Fund-of-funds that primarily invest in index funds or ETFs will follow the same 0.9% limit. Fund-of-funds with more than 65% exposure to equity-oriented schemes will see their cap reduced to 2.10% from 2.25%. Other fund-of-funds will move to a 1.85% ceiling from 2%.

Close-ended schemes have also been brought under stricter limits. Equity-oriented close-ended funds will now be capped at a 1% base expense ratio, compared with 1.25% earlier. Non-equity close-ended funds will face a reduced cap of 0.8%, down from 1%.

SEBI said the final limits were set higher than its initial proposals to ensure asset management companies are not placed under excessive pressure. The regulator added that the changes mainly reflect the exclusion of statutory levies from the base ratio, rather than a deep cut in fees.

Brokerage charges have also been rationalised. In the cash market, the brokerage ceiling has been lowered to 6 basis points, excluding levies. Previously, once levies were stripped out, the effective brokerage component stood at about 8.59 basis points.

For derivatives, the brokerage cap has been reduced to 2 basis points from nearly 3.89 basis points earlier. This is expected to gradually bring down trading costs, especially in actively managed schemes.

In another move, SEBI has withdrawn the additional 5 basis points expense allowance that was available to schemes charging exit loads. The regulator said this provision was temporary and has now been discontinued.

Beyond pricing, SEBI has simplified several compliance requirements. Reporting norms have been streamlined, with fewer mandatory trustee meetings. Separate half-yearly portfolio disclosures have also been done away with.

Borrowing rules have been clarified as well. Equity-oriented index funds and ETFs will be allowed to borrow for execution-related purposes. The regulator has also laid out clearer norms for intra-day borrowing to manage redemption-related mismatches.

For investors, the changes are unlikely to translate into an instant reduction in overall costs, since statutory taxes and levies will still be charged separately. Even so, lower caps on core fees and brokerage should gradually rein in expenses and enforce stronger pricing discipline.

More significantly, the revised structure offers greater transparency on fund charges, giving investors a sharper understanding of what they are paying for and enabling more informed mutual fund decisions.

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A-1 revises record date for bonus issue and stock split

Published on Dec 15, 2025 18:54

A-1 has revised the record date from 22 December 2025 to 31 December 2025 for purpose of determining shareholders eligible for bonus issue in ratio of 3:1 and sub-division of equity shares of the company from face value of Rs 10 to Re 1.

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Ajmera Realty & Infra India fixes record date for stock split

Published on Dec 15, 2025 13:50

Ajmera Realty & Infra India has fixed 15 January 2026 as record date for the purpose of determining the eligibility of shareholders for sub-division /split of 1 (One) fully paid-up equity share of the Company having face value of Rs. 10 each, into 5 (Five) fully paid-up 1quity shares having face value of Rs. 2 each.

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Krishival Foods fixes record date for rights issue

Published on Dec 12, 2025 09:31

Krishival Foods has fixed 17 December 2025 as record date to determine the shareholders who will be eligible to receive the rights entitlements under the rights issue.

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