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of <h1>SEBI revises mutual fund distributor incentives under Regulation 52(4A) after deleting 52(6A)(b), focuses on new investors</h1> The circular revises the incentive framework for mutual fund distributors following deletion of Regulation 52(6A)(b) of the SEBI (Mutual Funds) Regulations, 1996 due to misuse concerns. Under Regulation 52(4A), distributors are now eligible for additional commission for onboarding new individual investors with new PANs from B-30 cities and new women investors (new PANs) from both Top-30 and B-30 cities. Commission is 1% of the first lump sum application or 1% of first-year SIP investments, capped at Rs. 2,000, paid from the 2 basis points investor education corpus, with clawback provisions and no dual incentives. Certain schemes are excluded. Provisions apply from February 1, 2026.
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