Mumbai: To bring greater transparency in the fee structure and improve turn-around time for customer service processes, market regulator SEBI has amended four mutual fund regulations and omitted one schedule.

These regulations pertain to offer period, allotment of units, refund of excess subscription, account statements and management fees chargeable by the asset management companies. Changes made in management fees have been described in the table given below.

The offer period for ELSS (earnings linked savings scheme) have been brought down by 30 days. These will now be open for more than 15 days instead of 45. Fund houses are now expected to refund excess subscription money within five working days instead six weeks. A failure to do so would start attracting penal interest at 15 per cent per annum on the expiry of five working days.