mumbai, Dec. 3 -- The board of India's stock market regulator will take up the most sweeping revision of regulations in decades spanning mutual funds, stock brokers and its own officials later this month, two people aware of the meeting's agenda said. The board will discuss bringing in new rules, updating outdated rules, and removing overlapping ones. In October, the Securities and Exchange Board of India (SEBI) proposed to cap brokerage and transaction costs that funds charge beyond annual fees collected under their total expense ratio (TER). SEBI also proposed to scrap the additional five basis points charged over the exit load and a more comprehensive disclosure of the TER, which is used to cover management and operating costs. "Mutual fund regulations and stock broker norms will definitely be part of the SEBI agenda," one of the two people cited above said on the condition of anonymity. The regulator's board will meet on 17 December. A SEBI spokesperson did not respond to Mint's queries. The proposed overhaul of mutual fund regulations aims to improve transparency in costs and charges levied by funds; however, the regulator's October suggestions drew criticism from asset management companies (AMC), who claim lower brokerage will squeeze income, affect research work and lead to loss of block deals from brokers. Meanwhile, mutual fund distributors worry that AMCs will pass on some of the pain, shrinking their own income. "If the recommendations on brokerage costs are accepted as it is, then it would have an impact on AMCs. But we are expecting SEBI to come mid-way," an AMC official said on the condition of anonymity. SEBI is also expected to overhaul regulations governing stockbrokers, the people cited above said, formalizing definitions for algorithmic and proprietary trading, streamlining rules that date back to 1992. Many of these regulations do not reflect the boom in electronic, high-frequency and algorithmic trading that now dominates equity markets. Updating that framework would bring much-needed clarity, reduce overlapping or outdated provisions, and lower compliance complexity for intermediaries. Last month, SEBI chairman Tuhin Kanta Pandey had said that the regulator has begun work on revamping settlement norms, and that a consultation paper is on the way. However, the SEBI board is unlikely to discuss the matter on 17 December....