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Media reported that Securities and Exchange Board of India (SEBI) highlighted several deficiencies observed in the capital market regulator’s inspection report. These practices were primarily identified in the areas of total expense ratio and excessive risk undertaken in liquid funds. The report says that investors have been overcharged in direct plans as a part of distribution and selling commission expenses have been allocated to these plans, though there are no distributors involved. As such, SEBI has urged trustees to be more involved in mutual fund governance.