According to media reports, Securities and Exchange Board of India (SEBI) issued a circular on Mar 25, 2019 clarifying that retail investors are ones who invest up to a limit of Rs. 1 lakh. The regulatory body has permitted upfronting of trail commission for up to Rs. 3,000 per month an investor on SIPs. This is applicable on all schemes prior to Oct 22, 2018, before the release of SEBI circular on distributor commission.