Simplification of the fee structure is the latest in a series of decisions by the regulator to improve investor choice. Sebi has earlier pushed for reducing the number of schemes - another tactic to steer investments towards high intermediation costs. It has sought mergers of overlapping schemes and raised the bar on differentiation for new ones. Definitional clarity has improved over investment themes such as based on market capitalisation and asset allocation. Styles of fund managers like value or growth investing have also received taxonomic clarity. All of this is designed to provide investors uncoerced choice over their investments.