If the U.S. mutual fund industry would like a clearer picture of what would happen to sales if fees—particularly up-front, sales load, 12b-1 or 401(k) fees—were disclosed, it need only take a look at the disastrous results in India.

Ever since India’s securities regulator eliminated up-front fees on mutual funds last August, advisers, brokers and even the post office, unwilling to impose a separate fee on investors, have virtually stopped selling the products, The Wall Street Journal reports.

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