The asset management companies are facing a Rs 1,400 crore shock from the markets regulator, Sebi, which has proposed a cap on fees. This would lead to under-recovery of Rs 1,402 crore. The new proposed changes, which may get implemented after 6 months, are part of Sebi's plan to improve transparency and pass on the benefits of economies of scale to investors. Under the current regulations, mutual fund schemes can charge four additional expenses beyond the expense limits - brokerage