Yes actually SEBI has included 6 hybrid categories, 2 solution categories and 2 miscellaneous categories outside of the normal equity and debt fund classifications. Here are the specific details of the classification as under.

Sr.

No.

Types of Hybrid Funds permitted by SEBI

Scheme Characteristics

Type of scheme (uniform

description of scheme)

1

Conservative Hybrid Fund

Investment in equity & equity related instruments- between 10% and 25% of total assets; Investment in Debt instruments- between 75% and 90% of total assets

An open ended hybrid scheme investing predominantly in debt instruments

2

Balanced Hybrid Fund

Equity & Equity related instruments- between 40% and 60% of total assets; Debt instruments- between 40% and 60% of total assets No Arbitrage would be permitted in this scheme

An open ended balanced scheme investing in equity and debt instruments

Aggressive Hybrid Fund

Equity & Equity related instruments- between 65% and 80% of total assets; Debt instruments- between 20% and 35% of total assets

An open ended hybrid scheme investing predominantly in equity and equity related instruments

3

Dynamic Asset Allocation or Balanced Advantage

Investment in equity/ debt that is managed dynamically

An open ended dynamic asset allocation fund

4

Multi Asset Allocation

Invests in at least three asset classes with a minimum allocation of at least 10% each in all three asset classes

An open ended scheme investing in , , (mention the three different asset classes)

5

Arbitrage Fund

Scheme following arbitrage strategy. Minimum investment in equity & equity related instruments - 65% of total assets

An open ended scheme investing in arbitrage opportunities.

6

Equity Savings

Minimum investment in equity & equity related instruments- 65% of total assets and minimum investment in debt- 10% of total assets. Minimum hedged & un-hedged to be stated in the SID. Asset Allocation under defensive considerations may also be stated in the Offer Document

An open ended scheme investing in equity, arbitrage and debt

Sr.

No.

Types of Solution Funds permitted by SEBI

Scheme Characteristics

Type of scheme (uniform

description of scheme)

1

Retirement Fund

Scheme having a lock-in for at least 5 years or till retirement age whichever is earlier

An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)

2

Children’s Fund

Scheme having a lock-in for at least 5 years or till the child attains age of majority whichever is earlier

An open ended fund for investment for children having a lock-in for at least 5 years or till the child attains age of majority (whichever is earlier)

Sr.

No.

Category of Miscellaneous Funds permitted by SEBI

Scheme Characteristics

Type of scheme (uniform

description of scheme)

1

Index Funds/ ETFs

Minimum investment in securities of a particular index (which is being replicated/ tracked)- 95% of total assets

An open ended scheme replicating/ tracking the index in question

2

Fund of Funds FOF (Overseas/ Domestic)

Minimum investment in the underlying fund- 95% of total assets

An open ended fund of fund scheme investing in fund (mention the underlying fund)

As can be seen from the above table, the regulator has granularly defined each of the categories of the SEBI funds for clarity of issuer and also of the investor.