India’s mutual fund sector, managing ₹75.6 lakh crore across 24.3 crore investor folios, faces a major shift after SEBI’s October 28 paper proposed reducing cash brokerage from 12 to 2 basis points and derivatives from 5 to 1. These changes may cut ₹15,000–₹18,000 crore from annual revenues, reshaping AMC profitability and competition.