"The idea is to study various possibilities so that any of them could be adopted when such a revision is required in line with changes taking place in the business environment in future. There is no pressing need for changing the present structure at this moment," Sebi executive director Ashok Kacker told The Financial Express.

There are two kinds of broad structures in existence globally. One is professional trusteeship and the other is the AMC form, which is followed in India. Under the AMC kind of organisation, a sponsor sets up a fund with not less than a 40 per cent holding and appoints trustees to manage it.

But under professional trusteeship, which is in existence in the UK now, the trustees have the power to dismiss the whole fund, at times. The Sebi's Advisory Committee on Mutual Funds headed by Mr BG Deshmukh would also study as to how to handle such "dismissals" by professional trustees in the present Indian context, Mr Kacker said.

Under present norms, the AMC, the fund of which was dismissed by trustees, would not have any other choice but to float another fund for in which it has to hold 40 per cent stake. In its meeting on October 16 last, the committee had decided that Association of Mutual Funds of India (Amfi) should make recommendations relating to change of structure of funds so that the issue could be discussed in its next meeting. The committee is scheduled to meet on January 9. However, according to industry sources, Amfi board, which met here recently, has also decided that "this (changing structure) was not an issue on its priority now."