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of <h1>All scheme expenses must be identified and allocated; managers may charge disclosed fees but excess costs borne by managers</h1> All scheme expenses must be identified and allocated to individual schemes. The asset manager may charge investment and advisory fees if disclosed; it may also charge schemes for specified recurring expenses (marketing, brokerage, registrar, trustee, audit, custodian, investor communication, fund transfer, statement/cheque costs, insurance, winding-up, statutory ads, storage for commodity ETFs, rating fees for capital-oriented schemes, listing fees, real-estate maintenance where disclosed, and other Board-approved costs). Distribution-related charges shall be paid by the asset manager as specified. Expenses not listed must be borne by the asset manager, trustee or sponsors. Total expense ratio limits are prescribed by scheme type and AUM slabs, with specified additional permissible brokerage/transaction costs; any excess must be borne by the asset manager, trustee or sponsors. Transitional rules apply to pre-existing schemes.
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