AMCs' start re-adjusting their expenses back into individual schemes as directed by regulator. : The Securities and Exchange Board of India's (Sebi's) circular on bringing transparency and reviewing the total expense ratio (TER) structure could make the cost of investing in equity schemes through direct plans cheaper. Experts said expenses in direct plans will get adjusted as fund houses start following the regulatory diktat that all scheme-related expenses should be booked in individual schemes. Direct plans are those where an investor bypasses the distributor by transacting directly with the fund house.