mumbai, Dec. 25 -- Mutual funds are pushing back against the Indian market regulator's proposal to introduce a fee linked to performance, arguing that continuous churn in a massive and diverse investor base makes such a calculation extremely complex. The Securities and Exchange Board of India (SEBI) announced a proposal on October 28 requiring mutual funds to charge a performance-based expense ratio in each scheme, along with other measures to revamp regulations in the sector. Some fund houses have individually submitted feedback to SEBI on the complexities of charging a performance fee, six people aware of the matter told Mint. A discussion on the matter at the Association of Mutual Funds in India (AMFI) level has yet to happen, three of t...