Nearly a year after the Amtek Auto crisis hit two schemes of JPMorgan Asset Management Company, the Securities and Exchange Board of India ( Sebi) has said fund houses cant restrict investors redemption request still Rs.2lakh. Themarkets regulator has permitted fund houses a partial restriction on redemptionsinonlyemergency situations, meaningthosewhich couldleadtoasystemiccrisis. In acircular issued on Tuesday, it said recent instances of restrictions on redemption had necessitated arelook at the issue. Under the new norms, effective July 1, on all existing and to- be- launched schemes, no redemption requests up to Rs.2 lakh will be subject to such a restriction. For redemption requests above this limit, the first Rs. 2 lakh may be redeemed. However, asset management companies ( AMCs) cannot use this as an ordinary tool to manage aschemes liquidity. Sebi has specified the situations where AMCs may opt for this, after approval from their trustees and their board of directors. Fur