SEBI has issued new disclosure norms requiring mutual funds to benchmark scheme performance against a Total Return Index rather than a Price Return Index. A Total Return Index considers capital gains as well as dividends/interest from index constituents, providing a more accurate measure of performance. Most schemes currently use the Price Return Index, which only considers price movements. The new benchmarking requirement may make it more difficult for schemes to outperform their benchmarks and could lead more investors towards lower cost index funds and ETFs.