HDFC AMC Shares Fall After SEBI Revises Mutual Fund Fee Structure; Aditya Birla, ICICI AMC & Other Stocks Dip

HDFC Asset Management Company Ltd witnessed a decline in its share price on Friday after the Securities and Exchange Board of India (SEBI) approved significant changes to the mutual fund fee structure, aimed at enhancing transparency in cost disclosures.

Under the revised framework, SEBI has introduced the Base Expense Ratio (BER) concept, which separates statutory levies from the total expense ratio calculation. Statutory costs such as Goods and Services Tax (GST), stamp duty, SEBI fees, exchange charges and other regulatory charges will now be excluded from the BER. This move ensures that the mutual fund expense ratio provides a clearer picture of actual fund management costs.

HDFC AMC Share Price Today

HDFC Asset Management Company Ltd (NSE: HDFCAMC) saw its share price decline on 19 December 2025, trading at Rs 2,640.60, down Rs 82.30 (3.02%) as of 11:50 am. The stock opened at Rs 2,719.00, touched an intraday high of Rs 2,738.10, and fell to a low of Rs 2,632.40. Over the past 52 weeks, HDFC AMC shares have recorded a high of Rs 2,967.25 and a low of Rs 1,781.52.

Other AMC Stocks Price Today

Meanwhile, shares of Aditya Birla Sun Life AMC Limited (INE404A01024) witnessed a decline on Friday. As of 12:05 pm IST, the stock was trading at Rs 761.00, down Rs 23.40 (2.98%).

Another leading AMC in India, ICICI Prudential Asset Management Company Limited, debuting today, made a strong debut on the BSE and NSE on Friday, listing at nearly 20% premium over its issue price and offering investors potential gains of up to Rs 441 per share.

ICICI Prudential AMC Debuts Strong on BSE & NSE; But Shares Fall Slightly Today

On 19 December 2025 at 12:10 pm, ICICI AMC shares were trading at Rs 2,587.20, down Rs 12.80 (0.49%) compared with the opening price of Rs 2,600.00, reflecting some profit booking in the early session.

The stock recorded an intraday high of Rs 2,663.40 and a low of Rs 2,575.00. Relative to its issue price, the shares are still showing a significant gain of Rs 422.20 (19.50%), highlighting strong investor interest despite the minor intraday correction. The previous close for ICICI AMC shares stood at Rs 2,165.00, underscoring the robust premium at listing.

SEBI Revises AMC Brokerage and Lowers Expense Ratio Limits Across Key Fund Categories

The regulator has also revised brokerage limits paid by asset management companies (AMCs) to brokers and distributors, excluding statutory levies. Furthermore, expense ratio limits have been lowered across multiple categories, including:

• Index funds and exchange-traded funds (ETFs)
• Fund of funds (FoFs)
• Equity-oriented schemes with more than 65% of assets invested in equities
• Closed-ended schemes and non-equity-oriented schemes

The impact of these changes may vary depending on the size of the AMC. PL Capital noted that "lesser TER reduction of 10 bps (versus 15 bps earlier) related to GST on management fees might be neutral from a profitability standpoint for larger AMCs (Top-6) while it could be slightly positive for smaller AMCs. Hence there is no material change in core earnings of our coverage AMCs."

Disclaimer

The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.