New Delhi, Oct. 29 -- Shares of asset management companies in India declined sharply by up to 9% in early trade on Wednesday after the the Securities and Exchange Board of India (SEBI) proposed significant amendments to mutual fund regulations. The proposed changes include an overhaul of the total expense ratio (TER) structure and revised limits on brokerage charges.

Nuvama Wealth Management shares fell as much as 8.91%, followed by Nippon Life India Asset Management share price, which dropped 6.92%. HDFC Asset Management Company shares declined 6.39%, while 360 ONE WAM stock price fell 5.64%.

Other AMCs, including Aditya Birla Sun Life AMC, the recently listed Canara Robeco Asset Management Company, Anand Rathi Wealth, and UTI Asset Ma...