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Indian regulator, Securities and Exchange Board of India (SEBI), has extended consultation on proposals aimed at proposing sweeping changes to the expense ratio of mutual funds in the country. The regulator is aiming to prevent distributors from pushing new fund offerings for higher commissions. The regulator has proposed that the total expense ratio (TER) charged by asset management companies should be levied at the AMC level and not at the scheme level currently, while also introducing performance fees for funds. SEBI has suggested the maximum TER for an equity scheme is 2.55% at the AMC level.

Sebi has extended the deadline for public comments regarding a proposal that seeks asset management companies (AMCs) to set up an institutional mechanism for the deterrence of possible market abuse and fraudulent transactions. AMCs should put in place surveillance systems and internal control procedures to deter possible misconduct by employees or other entities relating to fund management or investments of mutual fund schemes, the Securities and Exchange Board of India suggested.

While the Sensex closed at 62,428, down by 194 points or 0.31%, the broader market Nifty50 settled at 18,488, down by 47 points or 0.25%.

"I think with the larger size of the opportunities, the scale itself becomes much larger, much larger. So, today is actually probably the best time in the history of modern India that you should be out there investing because a $3 trillion economy will grow. You will simply add $150-200 billion in GDP every year, which used to be the GDP when I entered the market, just the scale is massive. Nothing is lost. It is not too late. Get in now."

On Wednesday, the government announced launching an OFS in Coal India as part of its disinvestment plan.

Aggressive hybrid mutual funds invest 65-80% of total assets in equity and equity-related instruments and 20-35% in debt. They are less risky than pure hybrid funds. Here are five best-performing aggressive hybrid mutual funds over the past five years: Quant Absolute Fund Direct-Growth Fund, JM Equity Hybrid Fund Direct-Growth Fund, ICICI Prudential Equity & Debt Fund Direct-Growth Fund, Kotak Equity Hybrid Fund Direct-Growth Fund, and HDFC Retirement Savings Fund - Hybrid Equity Plan Direct-Growth Fund. The expense ratio for ICICI and HDFC funds was 1.2% and 1.03%, respectively, while that for the other three was 0.58%-1.37%.

Indian market closed in the red for the second day in a row while S&P BSE Sensex fell nearly 200 points and Nifty50 closed below 18500 levels. Zensar Technologies, Suzlon, and Dixon Technologies were in focus with the former showing bullish patterns on the daily chart, the latter a weekly trend uptick and Dixon showing big breakout moves above 3120m levels after multiple rejections on daily time frames.

The Nifty Bank index closed 0.77 per cent down at 43790.2.

Kotak Institutional Equities said that the 4QFY23 results of companies in the Sensex pack were modestly above its expectations.

​So, Russia is not keen to implement any further cuts. In fact, it has not even fully implemented the cuts that it had promised of about half a million barrels per day.