Mumbai, Oct. 29 -- Motilal Oswal Financial Services (down 7.42%), Nippon Life India Asset Management (down 5.55%), HDFC Asset Management Company (down 4.82%), Aditya Birla Sun Life AMC (down 4.11%), Canara Robeco Asset Management Company (down 3.99%), Nuvama Wealth Management (down 2.87%), UTI Asset Management Company (down 2.22%) and Angel One (down 2.03%) edged lower.

A widespread market selloff was triggered by investor anxiety over SEBI's new proposals aimed at reducing costs for mutual fund investors, specifically by lowering expense ratios and capping brokerage fees.

SEBI's proposals primarily focus on two areas to improve investor returns.

First, the regulator plans to reduce the expense ratio-the fee covering fund management co...