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According to media reports, SEBI has revised the norms on trade executions. The market regulator said that a fund manager may authorise an employee of the AMC to place orders on equity and equity related instruments on his behalf, provided the order instructions are through the electronic mode, including email and an audit trail is maintained. Earlier, SEBI had directed mutual fund houses to use an automated Order Management System to place orders in case of equity and equity-related instruments by fund managers only.