According to SEBI’s regulatory update on mutual funds, which new category of funds has been introduced to replace retirement and children’s funds?

The Securities and Exchange Board of India (SEBI) has introduced a new category called Lifecycle Funds as part of its reforms in the mutual fund industry. These funds replace the earlier Retirement Funds and Children’s Funds, which have now been discontinued. Lifecycle funds are structured to align investment strategies with different stages of an investor’s life. The permitted investment duration ranges from a minimum of 5 years to a maximum of 30 years, allowing asset allocation to gradually change as investors approach their financial goals.