Sebi sets 5 broad categories for MF schemes; defines large cap, mid cap cos

Categories include equity, debt, hybrid, solution oriented; fund houses will have to carry out necessary changes within a maximum period of two months

Markets regulator Sebi today asked mutual funds to categorise all their schemes within five baskets, a move that will weed out the practice of multiple funds being launched on similar themes.

The schemes will be broadly classified in five groups -- equity, debt, hybrid, solution oriented and other scheme, Securities and Exchange Board of India (Sebi) said in a circular.

Sebi asked mutual funds to ensure that schemes devised under the news norms should not result in duplication of other plans offered by them.

Sebi said it would allow only one scheme per category with some exceptions, in an