The Securities and Exchange Board of India (Sebi) on Wednesday proposed to rationalise disclosure requirements for executive remuneration at asset management companies (AMCs), suggesting a shift from individual, name-wise disclosures to consolidated reporting."It has been represented that investment decisions are typically driven by factors such as scheme performance, risk management, asset allocation, investment strategy, and expense ratios," Sebi said in a discussion paper. "Individual-level remuneration disclosures may not materially influence such decisions or improve investor outcomes."The regulator said that public disclosure of named individual remuneration may expose employees to risks related to the misuse of personal information. It also noted that the mutual fund industry competes for talent with other segments such as PMS and AIFs, where similar disclosure requirements do not apply, creating an asymmetry that may place AMCs at a competitive disadvantage and impact talent retention.Sebi had first directed mutual funds to disclose salaries of top management in 2015-16. Industry officials have, however, been uncomfortable disclosing such information on their websites for public access. In practice, fund houses have restricted visibility by requiring investors to enter their folio numbers before accessing these details.Sebi, in its latest consultation paper, said mutual funds operate as trust structures in which investors are unitholders rather than shareholders, and therefore do not exercise direct ownership rights over AMCs. As a result, the rationale for detailed employee-level disclosures applicable to listed companies may not fully apply to the mutual fund industry.At present, fund houses are required to disclose on their websites the remuneration of the chief executive officer, chief investment officer, chief operations officer, the top 10 highest-paid employees and all employees earning at least ₹1.02 crore annually or ₹8.5 lakh a month in case of part-year employment.Sebi's analysis of industry data showed that the current disclosure framework covers only 2-10% of the employee base across most AMCs, indicating that disclosures relate to a relatively small subset of personnel.Under the proposed framework, AMCs would report the total remuneration paid to CEOs, CIOs and COOs, aggregate compensation of the top 10 employees, and consolidated remuneration of all employees crossing the prescribed threshold.