Mutual fund expenses must be limited to base expense ratio, permitted brokerage, transaction costs, statutory levies and exit load.

Regulation 67 requires that the Total Expense Ratio charged to mutual fund investors comprise the base expense ratio within prescribed limits, permitted brokerage costs, transaction costs for trade execution, and statutory levies; and it prohibits any other charges on investors apart from these items and exit load (including levies the Board may specify).

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