In order to curb the practice of casual new fund offers (NFOs), SEBI has asked mutual fund houses to increase the minimum target amount (MTA) mentioned in the fund prospectus to Rs 10 crore in case of equity schemes and Rs 20 crore in other fund categories, up from nominal amounts of between Rs 10 lakh and Rs 1 crore now. The regulator has also asked fund houses that are awaiting approval to launch new fund offers to revise the targeted amount figures and re-file their prospectus. Fund houses that fail to collect the minimum amount specified in the prospectus would have to refund the money collected to investors. Refunds will need to be made within six weeks failing which fund houses will have to return the money along with 15% interest.