New Delhi, July 7 -- In a move that could significantly reshape India's mutual fund landscape, the Securities and Exchange Board of India (Sebi) has proposed a revamp of rules governing asset management companies (AMCs). The key proposal seeks to amend Regulation 24(b) of the Sebi (Mutual Funds) Regulations, 1996, which currently restricts AMCs from managing only broad-based pooled assets.

Broad-based pooled assets refer to funds with a large investor base-typically mutual funds involving lakhs of retail investors. AMCs seeking to serve non-broad based clients (such as funds with fewer than 20 investors or where one client contributes over 25% of the corpus) currently need a separate Portfolio Management Service (PMS) licence.

Specifica...