The government's Rs 50,000-crore Fund of Funds (FoF) scheme for small businesses has hit a hurdle as the Securities and Exchange Board of India (Sebi) has questioned the existing structure of the scheme. According to the market regulator, it does not comply with the current regulatory framework.

       The scheme, announced in May 2020 as a part of the Aatmanirbhar Bharat package, calls for state-owned National Small Industries Corporation (NSIC) to set up a special purpose vehicle (SPV) under the scheme and register it with Sebi. The regulator asked the government to review its ...