The Securities and Exchange Board of India (Sebi), in a detailed consultation paper, has proposed to revamp Regulation 24(b) of the SEBI (Mutual Funds) Regulations, 1996, which governs what business activities asset management companies (AMCs) can legally undertake. The regulator has sought public comments by July 28, 2025, on allowing mutual funds to manage “non-broad-based funds,” which if considered, will pave the way for them to expand beyond their traditional mutual fund mandates to offer services like acting as Points of Presence (POP) for pension schemes and become global distributors for their funds.