In a significant move, the Securities and Exchange Board of India (SEBI) has overhauled its mutual fund regulations, replacing the outdated 1996 framework with the SEBI (Mutual Funds) Regulations, 2026. The updated rules introduce a new framework for expense transparency, where statutory levies, including Securities Transaction Tax (STT) , GST, and stamp duty, will be billed separately from the base expense ratio (BER). Additionally, the cap on brokerage payments for equity cash transactions has been raised from 2 basis points to 6 basis points.