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Fund managers get free hand invest to across m-caps, bringing an end to the distress due to recent change in multi-cap fund, SEBI has introduced a new flexi-cap fund under equity schemes. Of the total asset, the flexi-cap fund should have minimum investment of 65 per cent in equity and equity-related instruments across large, medium and small cap stocks. Unlike the multi-cap fund, the new category will have the flexibility to invest as much as it wants across market cap stocks, said SEBI in a circular on Friday. Scheme under the new flexi cap category can be launched from Friday, it added. MFs have the option to convert an existing scheme into a flexi cap fund subject to compliance with the change in fundamental attributes of the scheme, said SEBI.