Sebi reopens the PMS rulebook: what it changes for investors and investment industry

That leads to the third question — whether a mutual fund fund-of-funds (FoF) does the same job in a better wrapper, Kumar asks. “A FoF is a scheme, so it sits inside Sebi’s mutual fund regulations with a trustee, a custodian, a daily NAV, a mandated portfolio disclosure and a cap on what it can charge,” he said.