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Alpha primarily comes from stock selection and how the portfolio is constructed. Alpha has always been a challange and will continue to be. So, new rules does not mean alpha in large caps is vanishing.
TRI is not changing return but just in how it is reported. It is good that the index includes dividends because funds also included dividends and so therefore, it is more comparable.
After few years, people may take a call if the alpha has reduced. However, by having a right framework and right stock selection, alpha is still possible in the large cap category.
Alpha and passive are not competing strategies but they address different needs and geographies.
The new rules is a natural evolution that happened in other developed markets as well. Expect more regulatory changes in future as market develops and Indian customers get more mature.
